House of Representatives

Taxation Laws Amendment Bill (No. 2) 1996

Explanatory Memorandum

(Circulated by the authority of the Treasurer,the Hon Peter Costello, MP)

Chapter 3 - Deductions for gifts

3.1 The amendments in Part 3 of Schedule 1 will allow income tax deductions for gifts of $2 or more to the funds listed in paragraph 3.2. This will be done by listing them in table 5 of the gift provisions in subsection 78(4) of the Income Tax Assessment Act 1936 . The index to the gift provisions in subsection 78(3) will also be updated. [Items 33 to 35]

3.2 The amendments will result in gifts being tax deductible as follows:

Item Fund Gifts made after Gifts made before
5.2.8 The Central Synagogue Restoration Fund 22 December 1995 23 December 1997
5.2.9 The Borneo Memorials Trust Fund 22 December 1995 23 December 1997*
* Deductions were previously allowable for gifts made after 9 November 1989 and before 1 July 1992.

View full documentView full documentBack to top