|ATO Fees Lifted for Philanthropic Donors|
The Australian Taxation Office (ATO) is to lift valuation requirements and scrap fees for certain philanthropic donations.
Under the changes, donors will no longer need to obtain a valuation from the ATO for donations of listed shares or managed funds greater than AUD5,000 (USD3,827). Donors will no longer need to pay an AUD241 fee to the ATO for these valuations.
A 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.
The aim of the reforms is to reduce compliance costs for donors and encourage philanthropy.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on Jun.2, 2015