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Friday, 10 December 1965

Mr HAROLD HOLT (Higgins Treasurer) - by leave - The Government has decided that gifts of £1 and over made to colleges of advanced education will be deductible for income tax purposes as are gifts made to universities. These gifts will be deductible within the limitations of the present law. Legislation operative from 1st July 1965 to amend the income tax law for this purpose will be introduced as soon as practicable. Initially the concession will apply to those colleges listed in the schedule to the States Grants (Advanced Education) Act 1965. Other colleges will be prescribed as they are approved as colleges of advanced education by the Minister in Charge of Commonwealth Activities in Education and Research. The Minister's approval may be extended to both existing colleges and colleges being established. The concession will be restricted to gifts made to colleges in respect of their activities in the field of tertiary education.

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