Philanthropy Australia welcomes today’s release of new draft guidelines for Private Ancillary Funds, formerly known as Prescribed Private Funds (PPFs). It is pleasing that Treasury has adopted the recommendation of Philanthropy Australia, its members and the wider philanthropic sector to set a minimum distribution rate of 5%. This will ensure the continuing growth of a vibrant and healthy culture of giving and philanthropy.
Gina Anderson, CEO of Philanthropy Australia, said “This is a significant benefit for the entire community. Philanthropy Australia and the philanthropic sector have worked closely with Government on clarifying and revising the rules under which PPFs operate. For the first time support for the philanthropic sector is truly bipartisan. The PPF structure was introduced by the Howard government in 2001. It has now been refined and updated by the Rudd government following wide consultation. We welcome the opportunity to respond to these draft guidelines and look forward to working with the Government to improve the integrity of Private Ancillary Funds”.
The PPF structure was introduced in 2001 and since that time approximately 800 PPFs have been created with a collective value of over $1.2 billion. Over $120 million was distributed from PPFs to the community in the 06/07 financial year. The new guidelines ensure that existing PPFs and new PAFs can operate with renewed confidence, ensuring maximum community benefit and continuing to build an Australian culture of giving.
For further information: http://www.treasury.gov.au/contentitem.asp?NavId=002&ContentID=1568 for new guidelines and instructions on how to respond
http://www.philanthropy.org.au/representation/submissions.html for Philanthropy Australia’s previous submissions.
Jun. 25, 2009
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