Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
Chapter 15 - Deductions for gifts
15.1 Part 1 of Schedule 15 [Items 1 to 6] amends the Income Tax Assessment Act 1936 to allow income tax deductions for gifts of $2 or more to the funds/organisations listed in paragraph 15.4.
15.2 Part 2 of Schedule 15 [Items 7 to 13] amends the Income Tax Assessment Act 1997 to also allow income tax deductions for gifts of $2 or more to the funds/organisations listed in paragraph 15.4 for the 1997/8 income year and later years.
15.3 This will be done by listing the organisations/funds in tables 5, 6 and 12 of the gift provisions in each of the relevant Acts. The index to the provisions in each of the relevant Acts will also be updated.
15.4 The amendments will result in gifts being tax deductible as follows:
|Item||Fund/organisation||Gifts made after||Gifts made before|
|5.2.10||Australian National Korean War Memorial Trust Fund||1 September 1996||2 September 1998|
|6.2.23||AAP Mawson's Huts Foundation Limited||17 March 1997||No limit|
|12.2.2||Australia Foundation for Culture and the Humanities Ltd.||8 November 1996||No limit|
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