Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)General outline and financial impact
Deductible gift recipients
Schedule 1 to this Bill amends the Income Tax Assessment Act 1997 to update the list of specifically listed deductible gift recipients. Two new organisations will be added, namely International Jewish Relief Limited and the National Apology Foundation Ltd.
Date of effect: These amendments apply to gifts made to each organisation on or after 1 January 2015.
Proposal announced: This measure was announced in the 2015-16 Budget.
Financial impact: These amendments will have the following financial impact ($m):
| Organisation | 2015-16 | 2016-17 | 2017-18 | 2018-19 |
| International Jewish Relief Limited | - | -0.3 | -0.3 | -0.3 |
| National Apology Foundation Ltd | - | -0.4 | -0.4 | -0.4 |
Human rights implications: This Schedule does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 1, paragraphs 1.12 to 1.15.
Compliance cost impact: Nil.
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