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The Treasurer announced in the 2008-09 Budget that the Government will legislate guidelines to improve the integrity of Prescribed Private Funds (PPFs) and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations: see 2008 TAXVINE No 18 (30) (13 May 2008). The measure is to have effect from 1 July 2009.

In a media release issued on 26 November 2008, the Assistant Treasurer, Chris Bowen, announced the release of a discussion paper to provide a point of reference for public submissions to the Government. The discussion paper outlines the Government’s views on the essential characteristics of a PPF and outlines a proposal for several changes to the current guidelines and regulatory system.

The Assistant Treasurer encourages interested parties to provide their comments on the paper by 14 January 2009.

For a copy of the Assistant Treasurer's media release, No 2008/101, 26 November 2008, go here.

For a copy of the discussion paper, go here.

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