12 Nov 09 Private Ancillary Funds Trustee Handbook launched
On 10 November 2009, the Assistant Treasurer, Senator Nick Sherry, launched Philanthropy Australia's Private Ancillary Funds Trustee Handbook. It was launched by the Minister at the Lord Mayor's Charitable Foundation held in theYarra Room, Melbourne Town Hall, Melbourne, Victoria, where the Minister gave an address.
In a media release issued on the same day, the Minister said that private ancillary funds are philanthropic trust funds that can be set up as a vehicle for private giving. There are now over 800 individual private ancillary funds which have collectively received donations of over $1.3 billion, and made distributions of over $300 million. The Rudd Government announced a regulatory overhaul of how such funds were to be managed. Among other things, the new regime simplifies old distribution requirements, streamlines the endorsement of new funds and introduces a more defined system of compliance.
For a copy of the Minister's media release, No 2009/088, 10 November 2009, go here
For a copy of the Minister's address, go here
For a copy of Philanthropy Australia's Private Ancillary Funds Trustee Handbook, go here
For a copy of Taxation Administration Act 1953 - Private Ancillary Fund Guidelines 2009, go here
For a copy of the Explanatory Statement, click on ES/Supp Material