April 09th, 2015
The Abbott Government has announced changes to the way Private Ancillary Funds (PAFs) will be wound up and how the philanthropic funds can distribute their assets.
Assistant Treasurer Josh Frydenberg made the announcement at a Community Council for Australia forum attended by some 60 high profile leaders from the social sector to discuss topics around ‘The Australia We Want’.
Philanthropy Australia Acting CEO, Chris Wootton, welcomed the announcement.
'Philanthropy Australia is very pleased that the Government will allow PAFs to distribute their assets to other ancillary funds when winding up, and that the process for donating shares to DGRs will be made simpler," Wootton said.
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