ATO Updates GiftPack Guide
Saturday, 23rd February 2008 at 12:22 pm
The Australian Tax Office has released a new version of its guide called GiftPack. The new version replaces the previous version that issued in July 2006.
GiftPack helps organisations understand what they need to do if they want to receive tax deductible gifts.
It also helps donors who want to claim tax deductions for their gifts.
The new version incorporates changes to the tax law since the guide last issued.
– changes to the gift fund requirements for deductible gift recipients (DGRs)
– making the existing record keeping requirements for DGRs explicit in the tax law
– extending the Tax Office’s review powers to include DGRs listed by name
– changes to the limits for tax deductible contributions, and
– new tax deductions for gifts of shares valued at $5,000 or less.
To download sections of the GiftPack or order hard copies online go to: http://www.ato.gov.au/nonprofit/content.asp?doc=/content/18699.htm