Senate

Taxation Laws Amendment Bill (No. 3) 1997

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Chapter 15 - Deductions for gifts

15.1 Part 1 of Schedule 15 [Items 1 to 6] amends the Income Tax Assessment Act 1936 to allow income tax deductions for gifts of $2 or more to the funds/organisations listed in paragraph 15.4.

15.2 Part 2 of Schedule 15 [Items 7 to 13] amends the Income Tax Assessment Act 1997 to also allow income tax deductions for gifts of $2 or more to the funds/organisations listed in paragraph 15.4 for the 1997/8 income year and later years.

15.3 This will be done by listing the organisations/funds in tables 5, 6 and 12 of the gift provisions in each of the relevant Acts. The index to the provisions in each of the relevant Acts will also be updated.

15.4 The amendments will result in gifts being tax deductible as follows:

Item Fund/organisation Gifts made after Gifts made before
New Listings
5.2.10 Australian National Korean War Memorial Trust Fund 1 September 1996 2 September 1998
6.2.23 AAP Mawson's Huts Foundation Limited 17 March 1997 No limit
12.2.2 Australia Foundation for Culture and the Humanities Ltd. 8 November 1996 No limit


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