Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 3 Deductions for gifts
3.1 The amendments in Part 3 of Schedule 1 will allow income tax deductions for gifts of $2 or more to the funds/organisations listed in paragraph 3.3. This will be done by listing them in tables 2, 5 or 10 of the gift provisions in subsection 78(4) or extending the period in which tax deductible gifts may be made. The index to the gift provisions in subsection 78(3) will also be updated. [Items 14 to 17 and 19 to 21]
3.2 The commencement date of 24 November 1992 of tax deductibility for gifts made to the Shrine of Remembrance Restoration and Development Trust will also be inserted in the law by the amendments. This date was inadvertently omitted when the gift provisions were restructured in 1993. [Item 18]
3.3 The amendments will result in gifts being tax deductible as follows:
| Item | Fund/organisation | Gifts made after | Gifts made before |
|---|---|---|---|
| New Listings | |||
| 2.2.16 | The Polly Farmer Foundation (Inc) | 6 September 1995 | No limit |
| 5.2.7 | Cobram and District War Memorial Incorporated Fund | 18 October 1995 | 19 October 1997 |
| 10.2.6 | Australian Games Uniform Company Limited | 6 September 1995 | No limit |
| Extensions of existing tax deductibility | |||
| 5.2.1 | Shrine of Remembrance Restoration and Development Trust | 24 November 1992 | 1 July 1999* |
| 5.2.2 | The Sandakan Memorials Trust Fund | 29 July 1993 | 30 July 1997# |
| * extended from 1 July 1995 | |||
| # extended from 30 July 1995 | |||