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Income tax gift provisions - new arrangements for donations to the cultural bodies



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PRESS NO. TREASURER RELEASE EMBARGO COMMONWEALTH PARLIAMENTARY LIBRARY

MIC AH

JOINT STATEMENT BY THE TREASURER, THE HON PAUL KEATING', MP AND THE MINISTER FOR THE ARTS, TOURISM AND TERRITORIES, THE HON DAVID SIMMONS, MP

INCOME TAX GIFTS PROVISIONS - NEW ARRANGEMENTS FOR DONATIONS TO CULTURAL BODIES

The Government has decided to introduce new arrangements for gifts made to specified qualifying cultural organisations under section 78(1)(a) of the Income Tax Assessment Act (ITAA). The new arrangements will commence from 25 March

1991.

A limited number of cultural bodies are currently listed in the ITAA as having tax deductible status. Until now, other cultural bodies have had access to tax deductible donations indirectly through the Australian Elizabethan Theatre Trust

(AETT) which is itself a listed body and assists other bodies.

Under the new arrangements, cultural bodies will be eligible to receive tax deductible donations themselves by entry in a Register following approval by the Minister with responsibility for the Arts and the Treasurer. This is a

reform which will be appreciated by the many and varied arts institutions that can qualify for deductibility status. The Register will be administered by the Department of the Arts, Sport, the Environment, Tourism and Territories.

With the separate Register of eligible bodies, donors will be able to make donations to registered bodies directly and it will no longer be necessary for such bodies to seek assistance through the AETT. The seven cultural bodies

already named in s78(i)(a) of the ITAA will be included in the Register, and their separate listing in the Act will be removed.

The new arrangements will be administratively simpler and more efficient than the present system and will allow qualifying cultural organisations to receive the full and direct benefit of donations made to them in a timely manner.

COMMONWEALTH PARLIAM ENTARY LIBRARY MICAH

2 .

Details of eligibility criteria and processes for inclusion of bodies in the Register will be announced as a matter of priority. However, certain Commonwealth and other bodies listed in the Attachment will be included in the Register,

and therefore be eligible to receive tax deductible donations as from 25 March 1991.

Persons wishing to obtain further information regarding the new arrangements should contact:

. Kay Daniels (06) 2741355 (DASETT)

. Liz Penhallurick (06) 2741336 (DASETT)

CANBERRA 24 MARCH 1991

ATTACHMENT

INITIAL LIST OF CULTURAL BODIES ELIGIBLE TO RECEIVE TAX DEDUCTIBLE DONATIONS AS FROM 25 MARCH 1991

. Australia Council . Australian Ballet . Australian Ballet School . Australian Children's Television Foundation

. Australian Film Commission . Australian Film Finance Corporation . Australian Film, Television and Radio School . Film Australia . National Institute of Dramatic Art . The Australian Opera

Bodies currently listed in the Income Tax Assessment Act

. Art Gallery Society of New South Wales . Australian Elizabethan Theatre Trust . Australian National Gallery Foundation . Queensland Cultural Centre Trust

. Sidney Myer Music Bowl Trust . Sydney Opera House Appeal Fund . Victorian Arts Centre Trust