House of Representatives

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)

Chapter 8 Gift Provisions - World Wide Fund for Nature Australia

Clause: 15

Overview

Reflect a change in name for the World Wildlife Fund Australia which is listed in the income tax gift provisions.

Gift Provisions - World Wide Fund for Nature Australia

Gift Provisions - World Wide Fund for Nature Australia

Explanation of the proposed amendment

8.1. On 2 March 1990, the World Wildlife Fund Australia, which is listed under subparagraph 78(1)(a)(xlvii) of the Income Tax Assessment Act 1936, changed its name to the World Wide Fund for Nature Australia.

8.2. The Bill will amend section 78 to reflect this change of name, so that gifts of the value of $2 or more of money or of property purchased within 12 months, made to the World Wide Fund for Nature Australia on or after 2 March 1990 will be tax deductible. [Clause 15].