ATO Updates PAF Trust Deed
Thursday, 11th February 2010 at 9:53 am
The Australian Tax Office has released a new Private Ancillary Fund (PAF) model trust deed.
The model trust deed for Private Ancillary Funds (PAFs) replaces the model deed issued on 1 December 2009.
A Private Ancillary Fund is the new term for what was previously known as Prescribed Private Funds.
PAFs are trust funds set up with a corporate trustee, designed to encourage private philanthropy by providing businesses, families and individuals with greater flexibility to start their own trust fund for philanthropic purposes.
In 2009 the Federal Government issued legally enforceable guidelines with the aim of setting minimum standards for the governance and conduct of PAFs and its trustees.
The new version of the deed includes a number of changes which are summarised at the start of the document.
Applications for new PAFs must be accompanied by a trust deed based on the most recent release. The ATO may refuse endorsement of a PAF which uses an alternative or superseded trust deed.
For more information about PAFs, see the ATO webpage Private ancillary funds.
Download the latest model trust deed (see attached).