April 04th, 2015
An important consideration within contemporary wealth management is that philanthropy is far more than simply giving money to charities or idly allocating a percentage of one’s income or revenue towards a particular cause.
But what is of great concern is that when attempting to confront international challenges, the current Australian philanthropic model appears to be fatally flawed and in urgent need of attention.
Philanthropic investment structures were formally recognised and established in Australia via what came to be known as prescribed private funds (PPFs) under the Howard government in mid-2001.
The attraction of PPFs included tax deductions for contributions, a recognition that such contributions should be income tax exempt and that the higher burdens of what is referred to as public fundraising — which is another framework altogether — need not apply to these specific and well-defined legal entities.
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The Australian Government has announced a review of the Australian Charities and Not-for-profits Commission (ACNC) legislation.
Advocacy & Insight Manager, Krystian Seibert, outlines Philanthropy Australia's engagement with the review.