The Tax Laws Amendment (2011 Measures No. 7) Bill 2011, the legislation which allows for the new regulatory framework for Public Ancillary Funds, was passed by the Senate in late November with no amendments and was given Royal Assent on November 29. The new regulatory framework will therefore become law on 1 January 2012.
A final version of the Guidelines is not yet available. Philanthropy Australia continues to check very regularly for the final Guidelines and will provide further information as soon as it is available.
Philanthropy Australia encourages Members with Public Ancillary Funds to familiarise themselves with the legislation, which can be found on the Parliament website at the link below.
For more information:
Homepage for Tax Laws Amendment (2011 Measures No. 7) Bill 2011
Exposure Draft, Draft Guidelines, Consultation Summary
Published submissions in response to Exposure Draft & Draft Guidelines
Dec. 05, 2011
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