A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 7   Endorsement of deductible gift recipients

Income Tax Assessment Act 1997

1   After subsection 30-5(4)

Insert:

(4AA) Subdivision 30-BA provides for the Commissioner to endorse as a deductible gift recipient an entity that is, or operates, a fund, authority or institution. The relevance of the Subdivision to you is that generally you can deduct only a gift you make to a recipient that is endorsed or named in:

(a) this Division; or

(b) regulations made for the purposes of this Division.

Note: The fact that gifts to a recipient registered in the Australian Business Register are deductible will be shown in the Register.

(4AB) Subdivision 30-CA sets out administrative rules which do not directly affect whether you can deduct a gift you make. The rules require:

(a) a receipt issued by an entity for a gift to the entity or to a fund, authority or institution operated by the entity to show the entity's ABN; and

(b) the Australian Business Registrar to enter in the Australian Business Register a statement in relation to an entity entered in the Register if:

(i) gifts to the entity are deductible; or

(ii) gifts to a fund, authority or institution operated by the entity are deductible.