The Assistant Treasurer Senator Nick Sherry has announced the approval of 36 new Prescribed Private Funds (PPFs) in June. While this figure is substantially down on the 147 announced at the same time last year, it is understood the discrepancy was due in part to the prevailing uncertainty around the changes to PPFs. The publication of the new Guidelines for Private Ancillary Funds (PAFs, replacing PPFs), to come into force on October 1 2009, has provided clarification and reaffirmed confidence in the Government’s support for philanthropy. Given this, and the improved economic outlook, we can expect to see an increase in number of PAFs set up this financial year.
Download the Assistant Treasurer’s press release.
Read more about the Guidelines for Private Ancillary Funds.
Jul. 30, 2009
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