Improving the integrity of Prescribed Private Funds (PPFs) Discussion Paper

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Abstract:

The Treasurer announced in the 2008 Budget that the Government will legislate guidelines to improve the integrity of Prescribed Private Funds (PPFs) and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations.

This commitment is to be achieved by amending and legislating the PPF guidelines to, among other things, ensure regular valuation of assets at market rates and increase the size of compulsory distributions. The Commissioner of Taxation will also be given greater regulatory powers.

This discussion paper, released by the Assistant Treasurer, outlines these changes, and provides a point of reference for public submissions on this measure. This measure will have effect from 1 July 2009.

Interested parties are invited to comment on the paper. 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: Wednesday, 14 January 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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