House of Representatives

Treasury Laws Amendment (Bourke Street Fund) Bill 2017

Explanatory Memorandum

(Circulated by authority of the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP)

General outline and financial impact

DGR specific listing for the Bourke Street Fund

Schedule 1 to the Bill amends the Income Tax Assessment Act 1997 (ITAA 1997) to include the 2017 Bourke Street Fund Trust Account (Bourke Street Fund) on the list of deductible gift recipients (DGR). This allows members of the public to make tax deductible donations to the Bourke Street Fund.

Date of effect : The amendments apply to gifts to the Bourke Street Fund made after 20 January 2017 and before 21 January 2022.

Proposal announced : This measure was announced by the Prime Minister on 22 January 2017.

Financial impact : The amendments are estimated to have the following financial impact ($m) over the forward estimates period:

2016-17 2017-18 2018-19 2019-20 2020-21
- -0.5 .. .. ..

- zero

.. not zero but rounded to zero

Human rights implications : This Schedule does not raise any human rights issues. See Statement of Compatibility with Human Rights - paragraphs 1.13 to 1.16.

Compliance cost impact : Nil.

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).