Submission to CAMAC Review of Charitable Trusts and Trustee Companies

This submission briefly outlines the Community Council for Australia (CCA) response to the Corporations and Markets Advisory Committee review of Trusts and Trustee Companies.

This submission should be seen an extension of the Charitable Alliance Submission to CAMAC.  CCA is a member of the Charitable Alliance and has been directly involved in the preparation of their submission to this review.  Rather than repeat the recommendations of the Charitable Alliance Submission, CCA would like our endorsement of that submission noted and will use this submission to very briefly outline the perspective of charitable and not-for-profit organisations in relation to this review.

The CCA Board and members believe the issue of charitable Trusts and the services and fees provided by Trustee Companies is a critical issue.  While the sector has not yet been broadly mobilised to address emerging concerns, there are already some in the sector that are keen to run a major campaign against what is seen as greedy behaviour by some Trustee companies.  Charitable Trusts in Australia are afforded significant taxation concessions and status in recognition that they are fulfilling an invaluable charitable purpose.  Any diminution of the capacity of Trusts to fully realise their charitable purposes is a distortion that must be addressed. 

It is important to note that this submission has been prepared through a process of consultation with the membership of the CCA (see Appendix 1 list of CCA members) and other key organisations in the not-for-profit (NFP) sector.   This submission does not over-ride any positions outlined in individual submissions from CCA members. 

CCA look forward to seizing the opportunity for reform of current Trustee Company arrangements, and to being part of the process of further developing policy positions that will enhance the critical role of charitable Trusts in our communities.