Draft - Private Ancillary Fund Guidelines 2009

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Legislation introduced into Parliament today gives the Treasurer the ability to make binding guidelines for private ancillary funds (formerly named prescribed private funds). Alongside the legislation, the guidelines give effect to the Government’s 2008 Budget commitment to improve the integrity of prescribed private funds.

The Assistant Treasurer, Senator the Hon Nick Sherry, has now released for public consultation a draft version of the new guidelines.

Private ancillary funds 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.

The guidelines will have effect from 1 October 2009.

Interested parties are invited to comment on the draft guidelines. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment 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: Thursday, 23 July 2009

Address written submissions to:
Manager
Philanthropy and Exemptions Unit
Business Tax Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email:  ppfreview2008@treasury.gov.au

For enquiries please call Chris Leggett on (02) 6263 3208.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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