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ARTICLE · 15 MAY 2014

Ancillary funds: act now to register to donate before 1 July

Cooper Grace Ward
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Public or private ancillary funds are charitable trusts, income tax exempt and provide donors with a tax deduction.

AustraliaTax
Carly Ashwood
Carly Ashwood
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It is common for families and businesses to consider establishing their own charitable foundation at this time of year, particularly private and public ancillary funds.

Ancillary funds are charitable trusts that are income tax exempt and provide donors with a tax deduction.

The income of an ancillary fund must be distributed to charitable entities that also have tax concessions, and there are rules around how much must be distributed each year.

There are many benefits to these types of charitable structures, including that they allow people with philanthropic desires to manage their donations to charities while still receiving a tax deduction upon donating to the ancillary fund. For example, a large donation can be made to an ancillary fund in this financial year, providing the capital to produce income, which is distributed to charities in later years.

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