Further Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
The amendments made to the philanthropy measures contained in Schedule 5 to this Bill will allow the apportionment of deductions for certain gifts made to environmental and heritage organisations over a period of up to 5 income years.
Date of effect: The amendments will apply to deductions for gifts made on or after 1 July 1999.
Proposal announced: The original proposal was announced on 26 March 1999 by the Prime Minister, the Treasurer, the Minister for Family and Community Services, the Minister for Communications, Information Technology and the Arts, and the Minister for the Arts and the Centenary of Federation. These amendments have not been announced.
Financial impact: The cost to revenue is minimal.
Compliance cost impact: There will be no change to the compliance costs as outlined in the explanatory memorandum to the Taxation Laws Amendment Bill (No. 8) 1999.
A regulation impact statement is not required for this amendment.