Changes to the Private Foundations Act (PSG)

In the recent past, for the organisation of numerous Family private foundations The problematic findings of the OGH regarding the advisory board and the foundation board (KI 10/09) are now being addressed by a Amendment to the Private Foundations Act something disarmed. On the one hand, it is clarified that party representatives only then – and not in general – as a foundation board member, supervisory board member or advisory board member excluded are, when they are specifically tasked with representing the interests of beneficiaries or their relatives in these bodies (§ 15 (3a) and § 23 (2) last sentence PSG). On the other hand, an advisory board may also further mostly Relatives of the founder to belong to. There are certain restrictions solely on the dismissal of the foundation's board. Dismissal without good reason requires a majority of from the advisory board in the future at least 75% of the votes cast. If a council has fewer than four members, Unanimity offered (§ 14 para. 3 PSG).

In order to combat money laundering and the financing of terrorism, due to the alleged Lack of transparency in private foundations the foundation board, to inform the tax office responsible for collecting corporation tax of the findings Beneficiary Immediately electronically To share. These New regulation step with 1.4.2011 in effect. All beneficiaries existing on 31 March 2011 must be reported by 30 June 2011. A breach of these reporting obligations may result in a Strafe from up to €20,000 entail.

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