Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)

Schedule 3   Streamline gift fund and integrity arrangements for deductible gift recipients

Income Tax Assessment Act 1997

7   At the end of section 30-130

Add:

Exception - only one gift fund required per entity

(3) An entity that operates 2 or more funds, authorities or institutions also meets the requirements of this section for 2 or more of those funds, authorities or institutions by maintaining a single gift fund if:

(a) the gift fund meets the requirements in paragraphs (1)(a), (b) and (c) in respect of each of the funds, authorities or institutions for which the gift fund is maintained; and

(b) the gift fund does not receive any other money or property.

(4) The entity must use a gift or contribution made to the fund and any money credited to the fund only for the principal purpose of the fund, authority or institution to which the gift, contribution or money relates.

Note: The entity is also required to keep appropriate records for each of the funds, authorities or institutions: see section 382-15 of the Taxation Administration Act 1953.