Prescribed Private Funds – Time is ticking……
A Prescribed Private Fund (PPF) is like a private charity – it is a trust which individuals or companies can control and to which they (and others) can make tax deductible gifts.
A PPF can only be used as a channel by which money or property is distributed to other deductible gift recipients. The PPF cannot actually undertake charitable activities.
PPFs are popular with people who have philanthropic intentions, but want more flexibility than is achievable by giving large amounts to charities each year. Instead they can establish a PPF, invest the initial contributions and control the distribution of the income each year to selected charities.
The PPF has to be endorsed initially by the ATO and then by Treasury and this can take some time. If you are considering establishing a PPF and intend to make tax deductible donations in the 2009 year, now is the time to get the ball rolling!
PPFs are currently under review by the ATO and the two stage endorsement process is on the agenda.
If you currently have a PPF – are you complying with your accumulation plan? Given the current ATO focus on PPFs at the moment, now is the time to review your plan and act!
If you have any queries regarding PPFs, please contact a member of our team on 3231 2444.
Who to Contact
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PartnerT 61 7 3231 2425 -
PartnerT 61 7 3231 2458
Our People
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Senior AssociateT 61 7 3231 2443 -
Senior AssociateT 61 7 3231 2562 -
AssociateT 61 7 3231 2451 -
AssociateT 07 3231 2945 -
LawyerT 61 7 3231 2982 -
LawyerT 61 7 3231 2962 -
LawyerT 61 7 3231 2567
