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Budget 2018: Deductibility of gifts to key organisations



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Kelly O’Dwyer MP

Minister for Revenue and Financial Services Minister for Women Minister Assisting the Prime Minister for the Public Service

Media Release

Wednesday, 9 May 2018

DEDUCTIBILITY OF GIFTS TO KEY ORGANISATIONS

The Turnbull Government understands that charitable organisations contribute immensely to our communities right across Australia.

The 2018-19 Budget will allow a number of additional organisations to receive tax deductible gifts of $2 or more.

The following organisations will receive tax deductible gift recipient (DGR) status:

• Paul Ramsay Charitable Foundation Limited (ACN 623 132 472), which is to be renamed the Paul Ramsay Foundation Limited (the Foundation), will be tax deductible from 9 March 2018 to 8 March 2023 The Foundation has been established to fulfil the legacy of the late Mr Paul Ramsay and receive the bequest that was made in accordance with his will to the private ancillary fund, the Paul Ramsay Foundation, on 21 February 2014. The Foundation, a registered charity with the Australian Charities and Not-for-profits Commission, will promote health, education and public welfare in Australia. It is committed to identifying the root causes of disadvantage and implementing strategic solutions to empower Australian communities. The philanthropic bequest from the late Mr Ramsay was one of the largest ever in Australia. The Foundation will receive assets with a current net market value of approximately $4 billion on obtaining DGR status, which will make it one of the top 50 largest charitable foundations in the world. More information about the Foundation can be found on its website.

• Smile Like Drake Foundation Limited will be tax deductible from 9 March 2018 to 8 March 2023 Smile Like Drake Foundation Limited aims to provide education programs and equipment to prevent drownings through water safety research and education. The organisation delivers educational programs for schools and life-saving equipment for backyard swimming pools, lakes, dams, beaches and waterways around Australia. More information about Smile Like Drake Foundation Limited can be found on its website.

• Q Foundation Trust will be tax deductible from 1 January 2018 to 31 December 2022 The Q Foundation Trust advances education and promotes engagement in science and technology in Australia, via targeted investment in the National Science and Technology Centre

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(Questacon). The Q Foundation Trust will also undertake activities to effectively maintain, develop and expand the services and standards of Questacon.

• Victorian Pride Centre Limited will be tax deductible from 9 March 2018 to 8 March 2023 Victorian Pride Centre Limited aims to bring together a range of advisory, health and wellbeing, sporting and cultural services for the lesbian, gay, bisexual, transgender and/or intersex (LGBTI) community. A new centre will house and provide shared services and meeting spaces to major LGBTI organisations and over 70 community groups. The centre will showcase LGBTI art, culture and history. More information about Victorian Pride Centre Limited can be found on its website.

• Australian Sports Foundation Charitable Fund (the Charitable Fund) will be tax deductible from 1 July 2018 to 30 June 2023 The Charitable Fund aims to support projects where sport is the vehicle to achieve charitable aims. It will focus on benefitting socially disadvantaged or marginalised groups, including Indigenous Australians, Australians living with a disability and multicultural groups. The Charitable Fund, a registered charity with the Australian Charities and Not-for-profits Commission, is an extension of the Australian Sports Foundation, an organisation that assists over 1,100 sporting entities to raise funds, ranging from community clubs to professional teams. The Charitable Fund was established to allow the Australian Sports Foundation to access donations from ancillary funds, which typically can only provide support to charities.

• Australian Women Donors Network will be tax deductible from 9 March 2018 to 8 March 2023 The Australian Women Donors Network aims to drive social and economic development by encouraging philanthropic investment in projects that allow women and girls to achieve their potential. The Australian Women Donors Network also raises awareness of women’s disadvantage and highlights the role of women in building stronger economies, families and communities. More information about the Australian Women Donors Network can be found on its website.

Taxpayers should ensure they receive a receipt for their donation.

The Turnbull Government will introduce legislation to amend the Income Tax Assessment Act 1997 to give effect to this announcement as soon as practicable.

Media contacts: Lachlan McNaughton 0433 642 145, Emma Nicholson 0481 909 550

The Hon Kelly O’Dwyer MP, Melbourne