Tax Laws Amendment (2004 Measures No. 1) Act 2004 (95 of 2004)

Schedule 7   Deductions for contributions relating to fund-raising events

Part 1   Amendments

Income Tax Assessment Act 1997

7   At the end of section 30-228 (after the note)

Add:

(2) If a *deductible gift recipient issues a receipt for a contribution described in item 7 of the table in section 30-15, the deductible gift recipient must ensure that the receipt states:

(a) the name of the deductible gift recipient; and

(b) the *ABN (if any) of the deductible gift recipient; and

(c) the fact that the receipt is for a contribution made in return for a right to attend, or participate in, a specified *fund-raising event; and

(d) if the contribution is money - the amount of the contribution; and

(e) the amount of the *GST inclusive market value, on the day the contribution was made, of the right to attend, or participate in, the fund-raising event.

(3) For the purposes of paragraph (2)(e), in working out the *GST inclusive market value of the right in question, disregard anything that would prevent or restrict conversion of the right to money.

(4) If a *deductible gift recipient issues a receipt for a contribution described in item 8 of the table in section 30-15, the deductible gift recipient must ensure that the receipt states:

(a) the name of the deductible gift recipient; and

(b) the *ABN (if any) of the deductible gift recipient; and

(c) the fact that the receipt is for a contribution made by way of consideration for the supply of goods or services; and

(d) the fact that the contribution was made because the contributor was the successful bidder at an auction that:

(i) was a specified *fund-raising event; or

(ii) was held at a specified fund-raising event; and

(e) if the contribution is money - the amount of the contribution; and

(f) the *GST inclusive market value, on the day the contribution was made, of the goods or services.

(5) For the purposes of paragraph (4)(f), in working out the *GST inclusive market value of the goods or services in question, disregard anything that would prevent or restrict conversion of the goods or services to money.

Note: The heading to section 30-228 is altered by adding at the end " or contribution ".