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The Federal Government has announced amendments to the ministerial guidelines for public and private ancillary funds to ‘provide a credit for funds that make total distributions in financial years 2019-20 and 2020-21 that are at least four percentage points above the minimum required distributions’.

“I will be amending the ministerial guidelines for public and private ancillary funds to provide a credit for funds that make total distributions in 2019-20 and 2020-21 that are at least four percentage points above the minimum required distributions. The credit – equal to half the percentage points by which the distributions exceed the minimum – may be used to reduce the minimum distribution by up to one percentage point in 2021-22 and future financial years until the credit is exhausted,” Assistant Minister Seselja said.

The amendments aim to encourage ancillary funds to increase their granting during this time.

ACNC https://www.acnc.gov.au/media/news/covid-19-pandemic-declared-disaster-implications-australian-disaster-relief-funds
Finance Minister https://www.financeminister.gov.au/assistant/media-release/2020/05/06/incentivising-increased-support-charities-response-covid-19

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