In the continuing rush of reform to the not-for-profit sector,
on 14 July 2011, the Treasurer announced the release of another
exposure draft for amendments in relation to changes to public
ancillary funds. Draft public ancillary fund guidelines were
also released for public consultation. Charities and
not-for-profits controlling or establishing foundations will
need to be aware of the new requirements and are invited to provide
submissions on the draft changes. The amendments and
guidelines follow the initial announcement and consultation in
November 2010 (see our update
here).
Including the announcements made in the recent Federal budget,
this brings the total number of announcements, rulings, draft
reform papers and exposure drafts affecting the not for profit
sector since December 2010 to about 10.
