The Government has introduced two measures to encourage philanthropy as part of its Autumn 2015 Repeal Day package.
The Prime Minister’s Community Business Partnership’s new measures are:
- Simplifying the valuation requirements for donations of listed shares and managed funds; and
- Enhancing portability for private ancillary funds (PAFs) on winding up.
Now donors do not need to obtain a valuation from the Australian Taxation Office (ATO) for listed shares or managed funds greater than $5000. This means they will no longer need to pay the ATO’s $241 fee for the valuations.
The second measure will enable consistent treatment for PAFs and public ancillary funds in the winding up phase.
It will provide PAFs, which are private funds set up to provide money or property to deductible gift recipients, with the flexibility to transfer their net assets to other ancillary funds.
