Salary Survey 2018
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Finance, Philanthropy

Government Releases Draft PPF Legislation


Thursday, 28th May 2009 at 2:16 pm
Staff Reporter
The Assistant Federal Treasurer, Chris Bowen has released an exposure draft of legislation aimed at improving the integrity of Prescribed Private Funds (PPFs).

Thursday, 28th May 2009
at 2:16 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Government Releases Draft PPF Legislation
Thursday, 28th May 2009 at 2:16 pm

The Assistant Federal Treasurer, Chris Bowen has released an exposure draft of legislation aimed at improving the integrity of Prescribed Private Funds (PPFs).

PPFs are a form of ancillary trust fund designed to encourage private philanthropy by providing private groups, such as businesses, families and individuals, with greater flexibility to start their own trust funds for philanthropic purposes. Donors receive a tax deduction for donations to their PPF, and most PPFs are also income tax exempt.

The exposure draft proposes that the Treasurer have the ability to make legally enforceable guidelines for PPFs, increases the Australian Taxation Office’s regulatory power over PPFs, and gives the Commissioner of Taxation full power over the administration (including the endorsement) of PPFs.

Bowen says as PPFs will no longer be prescribed in the relevant legal sense, the name of PPFs will change to ‘private ancillary funds’.

He says the new streamlined approval arrangements of private ancillary funds are consistent with other kinds of organisations that collect tax deductible donations.

The draft says for reasons of Constitutional authority, all new private ancillary funds must be controlled by a single corporate trustee.

Approximately 80 per cent of existing funds already meet this requirement, and the remainder will have until 1 July 2011 to comply. The changes are planned to have effect from 1 October 2009.

The Assistant Treasurer encourages interested parties to provide their comments on the exposure draft by 29 May 2009. The exposure draft is available at www.treasury.gov.au

A further round of consultation will occur with the release of an exposure draft of new guidelines later this month.

Address written submissions to:
Manager
Philanthropy and Exemptions Unit
Personal and Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: ppfreview2008@treasury.gov.au
For inquiries call Chris Leggett (02) 6263 3208




Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

‘Audacious’ Philanthropic Model to Power Impact at Scale

Wendy Williams

Monday, 9th April 2018 at 2:19 pm

Philanthropy’s Increasing Role in Australian Civil Society

Luke Michael

Wednesday, 4th April 2018 at 4:15 pm

One Woman’s Journey of Philanthropy

Wendy Williams

Tuesday, 27th March 2018 at 8:30 am

The Changing Face of Giving in Australia

Wendy Williams

Monday, 26th March 2018 at 5:34 pm

POPULAR

Motivating Factors Protect Against Negative Stress

Wendy Williams

Thursday, 5th April 2018 at 9:34 am

Greens Call for Universal Basic Income

Luke Michael

Thursday, 5th April 2018 at 9:03 am

Animal Shelter Loses Charity Status

Wendy Williams

Wednesday, 11th April 2018 at 5:20 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


CSB
pba inverse logo
Subscribe Twitter Facebook

The social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!