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In a media release issued on 14 May 2009, the Assistant Treasurer, Chris Bowen, announced the release of an exposure draft of legislation that gives effect to the Government's 2008 Budget commitment to improve the integrity of prescribed private funds (PPFs).

The Minister said that the exposure draft proposes that the Treasurer have the ability to make legally enforceable guidelines for PPFs, increases the ATO's regulatory power over PPFs, and gives the Commissioner full power over the administration (including the endorsement) of PPFs. As PPFs will no longer be prescribed in the relevant legal sense, the name of PPFs will change to 'private ancillary funds'. The new streamlined approval arrangements of private ancillary funds are consistent with other kinds of organisations that collect tax deductible donations.

For a copy of the Minister's media release, No 2009/051, 14 May 2009, go here.

For a copy of the Exposure Draft, go here.

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