House of Representatives

Second Reading Speech

Dr Leigh (Assistant Minister for Competition, Charities and Treasury)

I move:

That this bill be now read a second time.

The Australian government has set the goal of doubling philanthropy by 2030. We are committed to working collaboratively with donors and the charity sector to achieve this goal.

Deductible gift recipient status allows people to receive income tax deductions for gifts to those organisations. This is a mechanism to encourage philanthropy and to provide support to the not-for-profit sector.

Organisations can obtain deductible gift recipient status under the general categories set out in division 30 of the Income Tax Assessment Act 1997 or by being specifically listed by name in that division.

This bill amends the Income Tax Assessment Act 1997 to include Australian Education Research Organisation Ltd, Jewish Education Foundation (Vic) Ltd, Melbourne Business School Ltd, Australians for Indigenous Constitutional Recognition Ltd, Leaders Institute of South Australia Inc. and St Patrick's Cathedral Melbourne Restoration Fund on the list of deductible gift recipients.

The bill extends the current listings for Sydney Chevra Kadisha and Australian Women Donors Network. It also removes the listing for Mt Eliza Graduate School of Business and Government Ltd as it is no longer required.

Under the general categories in the tax law, the eight organisations contained in this bill were not eligible to receive deductible gift recipient status. As such, the bill will amend the tax law to specifically list them by name. This supports these organisations by encouraging more Australians to support them.

Full details of the measures are contained in the explanatory memorandum.

Debate adjourned.