The final Guidelines for Private Ancillary Funds have been released. The Guidelines can be downloaded from: http://www.comlaw.gov.au/comlaw/Legislation/LegislativeInstrument1.nsf/0/46B098606729DA20CA25763C00058CD6?OpenDocument&VIEWCAT=item&COUNT=999&START=1
There is also an explanatory statement which provides some explanation and clarification on the Guidelines, which we recommend that Members and interested parties read. It can be accessed by clicking on the tab reading “ES/SuppMaterial” at the above link.
The final Guidelines contain several differences to the draft version, including abolition of the requirement for PAFs to prepare and maintain a distribution strategy. Both the Guidelines and the Explanatory Statement include much of the clarification which Philanthropy Australia had requested in its response to the Draft Guidelines.
The new regulatory regime governing Private Ancillary Funds (PAFs) commences today, 1 October 2009. The ATO has advised Philanthropy Australia that they will be contacting existing PPFs to advise them of the changes and of the steps they will need to take to transition from a PPF to a PAF. They expect the transition period to take some months and are developing materials to help existing PPFs with the transition process.
Oct. 01, 2009
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