Improving the integrity of Prescribed Private Funds (PPFs) Discussion Paper
This discussion paper is following up on the Government’s pledge in the 2008 Budget to legislate guidelines for PPFs and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations. The paper indicates the government's intention to amend and legislate 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.
The Government has invited comment on the paper by interested parties, with a closing date of 14 January 2009.
Public submissions in response to the paper are available on Treasury's website.
Philanthropy Australia's reponse to the Treasury paper is available for download from our website in PDF format.