David Ward

Key figures

• Private Ancillary Funds (PAFs) distributed more than $914 million in FY2023-24, up 14 per cent, across more than 2,289 funds
• Distributions from the main public offer Public Ancillary Funds (PuAFs) grew 12 per cent in FY2023-24 
• Fewer than half of the 28,000 Australians earning more than $1 million a year make a tax-deductible charitable donation
• PAFs now account for 22 per cent of all tax-deductible gifts received by charities, even as overall giving stagnates

Support for charities through Private Ancillary Funds now accounts for 22 per cent of all deductible gifts received by charities, as the popularity of Private and Public Ancillary Funds continues to grow despite overall giving stagnating in recent years, new Australian Taxation Office (ATO) data reveals.

David Ward, technical director at Australian Philanthropic Services (APS), says the FY2023-24 tax statistics demonstrate how committed givers approach philanthropy.

“The numbers tell two stories at once,” Ward says.

“Participation among high-income earners hasn’t improved but giving through PAFs has grown where general giving hasn’t, now making up almost a quarter of deductible gifts received by charities.”

“In part, this may be explained by generous higher income earners engaging with structured giving. Indeed, those with a gross income above $1 million but taxable income below $1 million have gifted an average of $589,000, significantly more than the $61,000 average gift from those who give and have a taxable income over $1 million.  Furthermore, half of those with gross income over $1 million don’t make a deductible gift at all.”

“That combination should be a wake-up call for policymakers, for charities that rely on individual donors, for professional advisers, and for givers themselves.”

Ward says the gap between the capacity of high-net-worth Australians to give, and their actual giving represents a significant opportunity for advisers.

“Fewer than half of the 28,000 Australians earning more than $1 million a year make a tax-deductible donation, despite having significant capacity to give,” Ward says.

“That’s a clear opening for advisers working with high-net-worth clients and family offices to bring philanthropy into the financial conversation.”

PAFs and PuAFs require an upfront capital commitment that secures an immediate tax deduction. Funds are invested in a tax-free environment, growing the corpus over time, while minimum annual distributions lock in giving as a long-term commitment rather than a discretionary decision that can be deferred or skipped in a tighter year.

The structures also give donors a clear framework for succession and family involvement, tax-effective timing of contributions independent of when funds reach charities, and a more strategic, portfolio-style approach to philanthropy.

The year to June 2026 saw the largest number of new foundations ever established through structured giving vehicles, suggesting more givers are favouring the discipline of a structured vehicle over ad hoc annual donations.

“This is encouraging, and the data points to a real opportunity for financial planners and accountants,” Ward says.

“Advisers are often the first port of call when clients are structuring their wealth, yet philanthropy isn’t always part of that conversation. And the timing matters.  The opportunity to set up a giving structure is often tied to when a capital gain is realised, putting advisers and accountants in the front seat to raise philanthropy at the right moment.

“That relationship will only become more important as Australia moves through an estimated $5.4 trillion intergenerational wealth transfer. Advisers who’ve built relationships with the children and grandchildren of existing clients will be best placed to retain those relationships as wealth changes hands.”

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APS founder and chairman, Chris Cuffe, welcomed Graeme to the board, saying, “Graeme’s enthusiasm for philanthropy and his extensive 41 years of experience with Ernst & Young (the last 28 years of which has been as a partner) specialising in financial services across wealth and asset management, superannuation, and life insurance will be invaluable as we continue to grow APS. We are thrilled to have him join our board.”

Graeme served as the chief operating officer for Asia-Pacific Financial Services at EY and was a key member of the EY Asia-Pacific FSO Leadership team, overseeing the financial and operational aspects of the organisation. He is a strong advocate for diversity and inclusiveness and through EY has provided pro bono auditing services to various charities over time.

“I have been engaged in philanthropy and with APS for many years,” Graeme said. “Structured giving is one of the most effective ways to grow philanthropy in Australia and generate much-needed funds for our community.”

Chris also expressed gratitude to retiring board member David Gonski AC for his significant contributions over the past 12 years as a non-executive director and for his contribution to the sector. As chair of the Prime Minister’s Community-Business Partnership’s Taxation Working Group, David was a pioneer of structured giving and key architect of private ancillary funds.

“David’s distinguished reputation, visionary contribution and steadfast commitment to philanthropy, have been tremendous assets to the APS board since August 2012,” Chris said. “His dedication to advocacy and commitment to developing the sector have played a crucial role in both the growth of APS as well as philanthropy in Australia overall. We are grateful for his long service and generous support and are pleased that he will remain closely connected to APS through becoming a Patron of APS and one of only four Members.”

Graeme joins existing Directors on the APS board:

• Chris Cuffe AO
• Belinda Hutchinson AC
• Gail Kelly
• Dan Phillips
• Jan Swinhoe
• Michael Traill AM
• John McMurdo
• David Ward

APS saw the establishment of 137 new giving funds in the APS Foundation and established over a third of all private ancillary funds created in Australia in the year to 30 June 2024, cementing its position as Australia’s leader in structured giving services.

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Ben, who previously worked at St George Bank, is an expert in providing targeted debt advisory solutions in order to support business growth. He has 13 years of corporate and commercial business banking experience.

There have also been two additional leadership team changes:

• Rahavan Yoganathan has been appointed as Managing Partner, Corporate Finance. This new role will see him taking on a company-wide leadership role, working out of the Sydney office.
• David Ward has been appointed as Senior Partner and Head of M&A and will focus on originating and executing M&A opportunities across the firm.

Debt-Advisory

The Debt Advisory team, led by Ben Upton, will use its knowledge of how banks operate and view risk in order to cut through the associated jargon and provide valuable advice to clients on the nature of debt management.

For this, the team will leverage its extensive network of relationships across the banking industry, and draw upon significant experience and knowledge, to provide insights that assist with all aspects of how a business works with financial institutions.

The Debt Advisory team will provide the following services:

• ‘Health Check’ of current financing arrangements
• Facilitate finance for acquisitions or investment in business growth
• Liaise with existing financiers to promote restructure of debt facilities or renegotiate structure
• Provide advice on the most relevant lending structure, interest rates and fees, terms, covenants, security and amortisation
• Negotiate with financiers on any disputes or possible covenant breaches to ensure continuing relationships
• Merger and acquisition advice and funding
• Maximising debt facilities and leverage balance sheet to remove “property” security

Peter Gardiner, Executive Manager Partner- Specialist Services, said: “Our corporate finance practice continues to be the leader of Australasian mid-market transactions. We are excited to grow the market facing presence of our corporate finance team and add a new capability to our business. Debt capital markets are increasingly complex and difficult to access. Relying on traditional banking relationships is also fraught with risk and conflict. We expect many existing and new clients to take advantage of Ben’s position as a trusted adviser with knowledge and relationships across the debt capital markets.”

Ben Upton, said: “The opportunity to join Crowe Horwath is exciting, my dealings with the business over the past have been genuine and insightful. I am invigorated by the innovative and progressive approach Crowe Horwath has taken to assist clients with their financial journey. I believe my 13 years of commercial and corporate banking experience can provide perspective and assistance in navigating the ins and outs of a business’ banking requirements, and provide value-add to client interactions with financial institutions.”

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David Ward, a former Transaction Advisory Services Partner with EY and Trevor Pascall, a former Tax Partner with KPMG’s tax division, have been appointed as Corporate Finance and Tax Advisory Principals respectively.

Findex Global Head of Business Development, Peter Gardiner said that these two appointments were part of Crowe Horwath’s move to meet the increasing demand for corporate and tax advisory services across the firm’s national platform as part of the transition to offer all clients a comprehensive Family Office service.

“In short, the Family Office model involves providing clients with the opportunity to access a wide range of financial-related services from one trusted source at a competitive price.

“We are pleased to recruit such great talent and though they are based in Queensland, they will have a national focus.
“These appointments also reflect the increasing significance of Queensland within our network. The Sunshine State’s diverse range of agri-industries represents an ongoing opportunity for Crowe Horwath to further grow in the corporate finance and tax advisory space in this market.

“David and Trevor each bring a wealth of experience from large and trusted organisations; the kind of people we really need to partner with our clients and add value,” he said.

David Ward joins Crowe Horwath from Credo Advisory Partners, which he founded in July 2015 as an independent boutique corporate advisory firm specialising in the provision of Merger & Acquisition (M&A) advice. Prior to that he had a long career with EY Transaction Advisory Services as the head of its Queensland M&A operations.

“I believe my solid experience in transaction execution, particularly in the mid-market corporate and private equity sectors, can bring a lot to the table for Crowe Horwath,” added Ward.

Trevor Pascall was previously a Tax Partner at KPMG, dealing with the broad spectrum of tax matters from international through to SME tax issues. He was also the Lead Tax Partner for Energy & Natural Resources (ENR) in Queensland, chair of the KPMG National ENR Tax Technical & Training Committee and a member of the KPMG National Tax Management Services Group.

Pascall has also worked at the Australian Tax Office (ATO) where he held roles of Tax Counsel, Director of Complex Legal Recovery and was a Sydney ATO Executive Board Member.

“This brings an exciting change in my career – the next chapter – that effectively builds on my many years in tax.
Having started my career in the ATO and successfully transitioning to a Big Four professional firm, my objective is to leverage my significant and varied tax knowledge and skills through to the Crowe Horwath client base across the country.

I strongly believe in what Crowe Horwath, as part of Findex, is aiming to achieve through the Family Office and I’m excited to be a part of the journey.” Pascall said.

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