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. | |||