Exposure Draft – Improving the Integrity of Prescribed Private Funds

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The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has released for public consultation an exposure draft of legislation that gives effect to the Government’s 2008 Budget commitment to improve 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 changes are planned to have effect from 1 October 2009.

An exposure draft of the new guidelines is likely to be made available for public consultation later this month.

Interested parties are invited to comment on the exposure draft bill and explanatory materials. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 29 May 2009

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, please call Chris Leggett (02) 6263 3208

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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