Philanthropy Australia's DGR Status Confirmed
Thursday, 4th July 2013 at 12:16 pm
Philanthropy Australia's status as a Deductible Gift Recipient has been approved by the Federal Government allowing members, for the first time, to make grants and donations to the peak body.
“This is a watershed in the history of Philanthropy Australia and Australian philanthropy, having been a goal for over a decade,” Philanthropy Australia’s President, Bruce Bonyhady AM said.
“The Bill was debated by both the House of Representatives and the Senate, in the last two febrile weeks, and was passed unanimously,” he said.“Philanthropy Australia's DGR status comes in the form of a special listing, which means that the Government decided to include this provision in an Act of Parliament. It then required the support of both Houses of Parliament to become law.
“This highlights that Philanthropy Australia has the full support of the Government and all parties and demonstrates the Parliament s desire to strengthen the capacity of Philanthropy Australia, through DGR status.”
Following approval by the House and Senate, the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013, which amends the Income Tax Assessment Act 1997 to extend DGR status to Philanthropy Australia, received Royal Assent on June 28.
The Bill sets (the retrospective date) of February 27, 2013 as the date after which donations to Philanthropy Australia are tax deductible.
“As Philanthropy Australia's DGR status is via a special listing, it is an item 1 DGR which is also an endorsed charity. This means that all Members, for the first time, will be legally able to make grants and donations to Philanthropy Australia,” Bonyhady said.
“This should be through the newly established Philanthropy Australia's Public Fund, which can only be used to further the purposes of Philanthropy Australia.
“DGR status is particularly important for Private and Public Ancillary Funds, which have wanted to support the work of Philanthropy Australia, but have not been able to make grants and donations, until now.
“DGR status is also a critical part of the Strategic Plan, as it will enable Philanthropy Australia to create significant new public benefits through growing and increasing the effectiveness of philanthropy.
“New partnerships with Members will be possible and Philanthropy Australia will not be so dependent on membership fees, both of which are also key elements in the Strategic Plan.”
For more information contact Louise Walsh at firstname.lastname@example.org