Non-Profit News Service No. 0258 - New products released for private ancillary funds

The Tax Office has released new products to assist organisations seeking deductible gift recipient (DGR) status under the new category for private ancillary funds (PAFs) effective from 1 October 2009. Existing prescribed private funds (PPFs) became PAFs on this date.

The products include a private ancillary funds webpage that provides information about the new category and the requirements for endorsement. The transitional arrangements for PPFs are also discussed.

The webpage provides links to the other products for PAFs, including:

• the PAF model deed
• updated instructions for endorsement as a deductible gift recipient
• the PAF schedule
• the agreement to comply with the PAF guidelines
• the revocation of agreement to comply with the PAF guidelines, and
• the PAF guidelines, which are located on the Federal Register of Legislative Instruments

We previously advised of the new PAF DGR category in:

• Non-Profit News Service No. 0253 - Private ancillary funds: legislation passed
• Non-Profit News Service No. 0246 - Private ancillary funds: legislation introduced and draft guidelines released
• Non-Profit News Service No. 0225 - Improving the integrity of PPFs - consultation paper released

Do you have a question?

The Tax Office is in the process of developing a frequently asked questions webpage to answer questions about PAFs. If your questions are not answered in the above products, we encourage you to send us your questions for possible inclusion in the frequently asked questions.

Email your question to us by 6 November 2009.

For information about the Non-Profit News Service, including how to subscribe and links to previous articles, see About the Non-Profit News Service. We encourage your feedback and suggestions for future topics to be covered by the news service. You can do this by: email: npc-publications@ato.gov.au phone: 1300 130 248.