Australia Council for the Arts submission to Treasury: Improving the integrity of Prescribed Private Funds

The Treasurer announced in the 2008 Budget that the Government will legislate guidelines to improve the integrity of Prescribed Private Funds (PPFs) and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations.

The Australia Council has a fundamental and professional interest in advocating for the arts sector’s wellbeing across its many frameworks, including its strong relationship with philanthropists and foundations, and this instance prescribed private funds (PPFs).

The Australia Council fully supports the Treasury’s aim for more effective, accountable, transparent and law-abiding PPFs, but also wishes to ensure that any new regulatory regime does not deter the establishment of new PPFs or obstruct the continued enthusiasm and sustainability of existing ones.

This submission was presented to the Treasury on 14 January 2009.