Cashed-up Aussies opening hearts and wallets
More wealthy Australians are showing philanthropy, with many establishing record numbers of private ancillary funds since the GFC.
Wealthy Australians seem to be more generous than ever, with many heading the philanthropic way, according to the Australian Philanthropic Services (APS).
The Australian Tax Office's Deductible Gift Recipient Listing showed the biggest number of new private ancillary funds (PAFs) being established since before the global financial crisis.
With 141 PAFs formed in the year ending 30 June, chairman and founder of APS Chris Cuffe said it is shows an increasing culture of philanthropy among wealthier Australians.
"It is great to see increasing numbers of families sharing their wealth with the community and particularly encouraging to see increasing numbers of those listed in the BRW rich list also known for their philanthropy," Cuffe said.
PAFs held $2.93 billion in funds as at 30 June 2012, and distributed $250 million across welfare, education, culture, research and other areas during 2011/12.
There are a total of 1,225 PAFs in Australia.
PAFs were established in 2001 as prescribed private funds (PPFs) by the Howard government, with input from David Gonski.
The Rudd government renamed it as PAFs in 2009 and tightened compliance and streamlined processes.
APS launched in 2010 and establishes over a quarter of all new PAFs in Australia.
AUTHOR
Malavika Santhebennur
Recommended for you
Global asset manager BlackRock has identified bringing private markets to the wealth channel as a key business area for the firm that could generate US$500 million in revenue in the future.
Flows into cash and fixed income ETFs soared in May, rising from $366 million in April to more than $1.3 billion, data from Betashares shows.
Quinbrook Infrastructure Partners has promoted its Australian head to the role of chief executive of the global investment manager.
UK-based fund manager Royal London Asset Management has appointed a Sydney-based head of regional sales as it embarks on a multiyear plan to expand its presence internationally.
