Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)Gifts - Shrine of Remembrance Restoration and Development Trust
Summary of proposed amendments
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- Purpose of amendment: To allow, for a limited period, income tax deductions for gifts of $2 or more made to the Shrine of Remembrance Restoration and Development Trust, Melbourne.
Date of effect: Gifts made between 25 November 1992 and 30 June 1995 inclusive.
Background to the legislation:
On the 25 November 1992 the Treasurer announced that gifts made to the Shrine of Remembrance Restoration and Development Trust would be tax deductible, for a limited period, under the gift provisions of the income tax laws.
This tax deductible status of gifts will assist with the restoration of the Melbourne Shrine of Remembrance which is in a serious state of disrepair.
Explanation of proposed amendments
Gifts of $2 or more made to the Shrine of Remembrance Restoration and Development Trust will be eligible for tax deductions now under subparagraph 78(1)(a)(cx). [Subclause 8(1)]
However, under new subsection 78(6AM) the tax deductibility of gifts made to the Shrine under subparagraph 78(1)(a) (cx) will be limited to those gifts that are made on or after 25 November 1992 and on or before 30 June 1995. [Subclause 8(b)]
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