Public Ancillary Funds Exposure Draft and Draft Guidelines Released

The Assistant Treasurer, Bill Shorten, has released an exposure draft of legislation relating to the reform of Public Ancillary Funds (PuAFs) and also a set of draft Guidelines for PuAFs. There will now be a further period of consultation.

The main provisions which will interest Members are:

  • The guidelines will require PuAFs to distribute four percent of their net assets every year
  • New PuAFs will be allowed a period of four years to build an appropriate level of funding before they are required to make a distribution
  • The legislation defers the start date from the previously announced 1 July 2011 to 1 January 2012
  • Trustees of existing funds will be given a choice whether apply the minimum distribution requirements in the new guidelines immediately or wait until 1 July 2012.

The exposure draft and draft guidelines are available for download from Treasury’s website at: http://www.treasury.gov.au/contentitem.asp?NavId=&ContentID=2048

Philanthropy Australia will be providing a response to the draft legislation and guidelines.

We are currently in the process of reviewing the new material and invite all affected Members and other affected organisations to do likewise.

For more information:

Jul. 14, 2011

 Tags: government, advocacy

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