22 Nov 10 Discussion paper released on Ancillary Fund improvements
In media release No 2010/13, issued 19 November 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of a discussion paper on the proposed regulatory changes to public ancillary funds.
"The Gillard Government announced these changes in the 2010-11 Budget to provide trustees of public ancillary funds with greater certainty as to their philanthropic obligations and provide donors and the charitable sector with greater confidence that donations are being used effectively," the Assistant Treasurer said.
The proposed changes introduce a new regulatory framework similar to that introduced on 1 October 2009 for private ancillary funds. The measure will start on 1 July 2011. Submissions on the paper are due by 17 December 2010.