Non-Profit News Service No. 0170 - Tax law changes: donations of shares and fundraising contributions

Tax Laws Amendment (2007 Measures No. 2) Act 2007 received Royal Assent on 21 June 2007. The Act amends the tax law to:

• allow a tax deduction for donations of listed shares to deductible gift recipients - from 1 July 2007, a tax deduction is available for donations of listed shares valued at $5,000 or less and acquired at least 12 months before the gift was made, and
• extend the thresholds for deductible contributions to fundraising events - in order to allow broader access to tax deductions, the thresholds for deductible contributions to fundraising events have been amended. The amended thresholds apply to contributions made on or after 1 January 2007.

The Act also amends the tax law to make technical corrections, and to update the list of deductible gift recipients (DGRs) to include two new entities and to extend the time period of DGR status for another entity.

A summary of the measures was previously reported in Non-Profit News Service No. 0165 - Legislation tabled: donations of shares, fundraising contributions and philanthropic funds.

We are currently updating our publications and information on our website to incorporate the changes. We will issue further news services as soon as the updated products are available.

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