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Deductability of gifts to three entities.



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NO.126

Tuesday 16 October, 2007

Deductibility of Gifts to Three Entities

Today, the Minister for Revenue and Assistant Treasurer, Peter Dutton, has announced that the Government will amend the Income Tax Assessment Act 1997 to allow for gifts of $2 or more donated to the following entities to become tax deductible.

Legislation to give effect to the Government’s decision will be introduced as soon as practicable. Taxpayers should ensure they receive a receipt for their donation.

Ian Thorpe’s Fountain for Youth Limited

Gifts to Ian Thorpe’s Fountain for Youth Limited (FFY) will be tax deductible once FFY is notified that it has met the public fund requirements.

Deductible gift recipient status is granted to FFY to assist in its fundraising to promote the prevention and control of illness and disease in children, especially those in Indigenous communities. FFY will also focus on projects to improve the quality of life for children and young people through increased literacy and awareness of health issues, particularly in remote areas.

Finding Sydney Foundation

The Finding Sydney Foundation’s tax deductibility status will be extended until 30 June 2009 once the Foundation is notified that it has met the public fund requirements.

The Finding Sydney Foundation has as its principal objectives the search for the HMAS Sydney II and the HSK Kormoran, and the establishment of a virtual memorial to the sailors and the engagement.

The HMAS Sydney II disappeared on 19 November 1941, after a battle with the German auxiliary cruiser HSK Kormoran off the Western Australian coast. The loss of the HMAS Sydney II with its crew of 645 remains one of Australia’s greatest wartime mysteries.

This announcement builds on the Government’s commitment in August 2007 of a further $2.9 million to HMAS Sydney Search Pty Ltd, a not-for-profit search group which acts as trustee for the Finding Sydney Foundation.

16/10/2007 http://assistant.treasurer.gov.au/pcd/content/pressreleases/2007/126.asp?pf=1

Wheelchairs for Kids Inc

Gifts to Wheelchairs for Kids Inc (WFK) will be tax deductible for a period of two years once WFK is notified that it has met the public fund requirements.

WFK manufactures and distributes wheelchairs free of charge to disabled and disadvantaged children in developing countries. Providing free wheelchairs to children suffering from illness, disease or injury allows greater freedom through increased mobility, and helps parents care for their child.

WFK has been granted specific listing for a period of two years to allow it time to meet the criteria for endorsement under the Overseas Aid Gift Deduction Scheme which is administered by the Australian Agency for International Development (AusAID).

Media Contact: Joanne Hutchinson (02) 6277 7360 or 0404 822 421

© Commonwealth of Australia 2000

16/10/2007 http://assistant.treasurer.gov.au/pcd/content/pressreleases/2007/126.asp?pf=1