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Proposed Changes for Ancillary Funds

The Treasury has released draft amendments to the way that private and public ancillary funds will operate, including having them report to the ACNC.

Ancillary funds provide a link between donors and organisations that can receive tax deductible donations as deductible gift recipients (DGRs).

“The Private Ancillary Fund and Public Ancillary Fund Amendment Guidelines 2015 (amending guidelines) amend the Private Ancillary Fund Guidelines 2009 and the Public Ancillary Fund Guidelines 2011 to… remove red tape by ensuring that material provided to the ACNC is not also requested separately by the Australian Taxation Office and allow smaller private funds to seek a review instead of an audit,” the draft amendments said.

The documents also stated that the updates were being introduced specifically to reflect the introduction of the ACNC. It is the first time the government has mentioned an ongoing role for the ACNC in a policy document and appears to show that the government has shifted its stance on the charity regulator, which former prime minister Tony Abbott had pledged to abolish.

To read the full Pro Bono article visit here

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