Paul Ramsay Foundation Limited (PRF) confirmed that the Australian Taxation Office has audited arrangements entered into in 2016 and issued tax assessments to PRF’s precursor entity, the late Paul Ramsay’s private foundation, a private ancillary fund (PAF).
PRF is a public company and registered charity that succeeded the PAF in 2019.
The PAF has objected to the tax assessments.
Mr Ramsay died unexpectedly in 2014 and the arrangements that the ATO has audited were undertaken in 2016 to enable the orderly administration of Mr Ramsay’s estate. The steps were taken with the benefit of tax advice from a leading accounting firm, as well as independent legal advice.
The matter does not relate to PRF’s charitable purpose or operations. It does not impact the charity’s funding partners.
In its approach to the matter, PRF will be guided by what advances its charitable purpose of addressing disadvantage in Australia.
Since 2017, PRF has distributed more than AUD$1.5 billion in funding to charities seeking to address disadvantage in Australia.
Media enquiries: Tim O’Halloran, The Shape Agency, 0409 059 617, tim@theshapeagency.com.au
