Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 6 - Deductions for gifts
Overview
6.1 Schedule 6 to the Bill amends the Income Tax Assessment Act 1997 (ITAA 97) to allow income tax deductions for gifts made to the Menzies Research Centre Public Fund.
Explanation of the amendments
6.2 Items 1 and 2 of Schedule 7 to the Bill amend the ITAA 97 to allow deductions for gifts of $2 or more made to the Menzies Research Centre Public Fund after 2April 1998. This is the date after which this measure was intended to operate when it was first introduced into the previous Parliament.
6.3 This will be done by including the Menzies Research Centre Public Fund in the table to subsection 30-40(2) of the ITAA 97. [Item 1] The index to the gift provisions, found in the table to subsection 30-315(2) of the ITAA 97, will also be amended by including the Menzies Research Public Fund as topic number 72A. [Item 2]
6.4 This amendment will result in gifts to the Menzies Research Centre Public Fund being tax deductible as follows:
| Item | Fund | Gifts made after | Gifts made before |
|---|---|---|---|
| 3.2.4 | Menzies Research Centre Public Fund | 2 April 1998 | Not applicable |