senate

Explanatory Memorandum

(Circulated by the authority of the Treasurerthe Hon John Dawkins, M.P.)This Memorandum takes account of amendments made by the House of Representatives to the Bill as introduced.

Chapter 7 GIFT PROVISIONS - TECHNICAL AMENDMENT

Summary of amendments

Purpose of amendment:

7.1 This amendment will reinstate the condition that for donations to the Shrine of Remembrance Restoration and Development Trust will be tax deductible only if made before 1 July 1995 [Clause 34] .

Background to the legislation

7.2 During the recent amendments to section 78 improve the readability of the section, the final date for tax deductible gifts to be made to the Trust was inadvertently omitted. This amendment reinstates that date.

Explanation of the amendments

7.3 This Bill amends Item 9.1.1 of subsection 78(4) to include, as a special condition, the final date before which donations must be made to the Trust for those donations deductible [Clause 35] .