Australia Changes Philanthropy Rules

from the Sydney Morning Herald:

Clouds lift on philanthropy rules

The season for giving is approaching and people with some serious money to donate to good causes may be considering setting up a trust as a vehicle for their philanthropy. They need to be aware that there have been some changes to the rules that govern such funds.

A new regulatory regimen for private philanthropic trust funds came into effect on October 1. The new rules cover private ancillary funds (the vehicle for tax-deductible philanthropic trusts), which were formerly known as prescribed private funds. There are changes in the areas of disclosure and accountability, Australian Taxation Office supervisory powers and minimum annual distributions.