House of Representatives

Taxation Laws Amendment Bill (No. 1) 1996

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


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