Guide to Giving
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  | 

New Tax Legislation On Cash Donations


Monday, 21st July 2003 at 1:07 pm
Staff Reporter
The third of the Government’s announced changes to the tax laws in response to the Report of the inquiry into the definition of charities has been tabled in Federal Parliament.

Monday, 21st July 2003
at 1:07 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
New Tax Legislation On Cash Donations
Monday, 21st July 2003 at 1:07 pm

The third of the Government’s announced changes to the tax laws in response to the Report of the inquiry into the definition of charities has been tabled in Federal Parliament allowing cash donations to be claimed over 5 years and simplifying the listing of specific organisations as deductible gift recipients (DGRs).

Deductions for all gifts of property valued at more than $5,000 and made from 1 July 2002 can be spread over a period of up to 5 years.

It’s proposed to amend the Income Tax Assessment Act 1997 to allow deductions for cash donations made from 1 July 2003 to DGRs to also be spread over a period of up to 5 years. This measure will ensure that cash and property gifts are treated similarly.

The income tax law allows taxpayers to claim income tax deductions for certain gifts to DGRs. To be a DGR, an organisation must fall within a category of organisations set out in Division 30 of the Income Tax Assessment Act 1997, or be specifically listed under that Division.

The amendments are designed to allow all existing specifically-listed DGRs to be transferred from the Income Tax Assessment Act 1997 to regulations and to allow any new specifically-listed DGRs to be prescribed in regulations. These amendments will not affect the status of currently listed DGRs.

This will make legislative amendments concerning specifically-listed DGRs less administratively costly and more timely.

On 29 August 2002, the Government announced a number of changes to the tax laws in response to the recommendations in the Report of the inquiry into the definition of charities and related organisations.

The amendments can be found in Taxation Laws Amendment Bill (No. 7) 2003 and you can view the Bill and Explanatory Memorandum at the Parliament House website at www.aph.gov.au
.



Guide to Giving

FEATURED SUPPLIERS


...


NGO Recruitment is Australia’s not-for-profit sector recru...

NGO Recruitment

HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

More Suppliers

Tags : Legislation,

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

Alliance Calls on Government to Lead the Way in Protecting Displaced Children

Lina Caneva

Wednesday, 20th September 2017 at 5:31 pm

Social Media ‘Inspires’ Fundraising Globally – New Research

Lina Caneva

Wednesday, 20th September 2017 at 4:03 pm

Social Procurement Challenge – Crowdsourcing a Solution

Lina Caneva

Wednesday, 20th September 2017 at 2:24 pm

Finding Meaning on the Hamster Wheel? How is That Working for You?

Contributor

Wednesday, 20th September 2017 at 2:16 pm

POPULAR

Moves to Stop Volunteering at Overseas Orphanages

Luke Michael

Wednesday, 13th September 2017 at 1:54 pm

Future Uncertain for Disability Organisations Following Funding Cuts

Wendy Williams

Tuesday, 19th September 2017 at 8:29 am

Majority of NFPs Are Not Believed to be Well-Run, According to New Survey

Luke Michael

Tuesday, 12th September 2017 at 4:14 pm

More Australians Are Giving Time Not Money

Wendy Williams

Monday, 11th September 2017 at 5:07 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


Guide to Giving
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!