Joint media release from The Hon Josh Frydenberg MP, Assistant Treasurer, and The Hon Scott Morrison MP, Minister For Social Services: The Prime Minister’s Community Business Partnership today consolidated its commitment to increasing philanthropy in Australia.

The Partnership confirmed two measures to encourage philanthropy:

• simplifying the valuation requirements for donations of listed shares and managed funds; and
  
• enhancing portability for private ancillary funds (PAF)s on winding up.
  

The first measure removes the need for donors to obtain a valuation from the Australian Taxation Office for listed shares or managed funds greater than $5,000.  Donors will no longer need to pay a $241 fee to the Australian Taxation Office for these valuations.  This will reduce compliance costs for donors.

The second measure will provide 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.  This option is already available to public ancillary funds in the winding up phase. 

This measure was included as part of the Governments Autumn 2015 Repeal Day package.

These measures are part of the Government’s commitment to the Partnership, and to increasing philanthropy in Australia.

We would also like to acknowledge the work of Philanthropy Australia in contributing these and other ideas for reform to the Partnership.