Chapter 10 - Schedule 9-Deductible gift recipients
Overview
10.1
Schedule 9 of the bill seeks to amend the Income Tax Assessment Act
1997 (ITAA 1997) to update the list of deductible gift recipients (DGRs).[1]
Background and summary
10.2
Deductible gift recipient (DGR) status assists relevant funds and
organisations to attract public support for their activities. Income tax law
allows taxpayers who make gifts of $2 or more to DGRs to claim tax deductions.
To be a DGR, an organisation must fall within a category of organisations set
out in the ITAA 1997,[2]
or be listed by name under its provisions.
10.3
This schedule seeks to add nine organisations to the list of
specifically listed DGRs. Gifts of $2 or more, made to these entities within
each entity's eligible time period, will be tax deductible.[3]
10.4
The table below outlines the nine organisations that are to be added to
the list of DGRs, and their respective dates of effect:[4]
|
Name of fund |
Date of effect |
|
The Bathurst War
Memorial Carillon Public Fund Trust |
the gift must be made after 2 August 2007
and before 3 August 2009 |
|
Kidsafe ACT (Inc.) |
the gift must be made after 2 August 2007 |
|
Kidsafe New South Wales
(Inc.) |
the gift must be made after 2 August 2007 |
|
Kidsafe NT (Inc.) |
the gift must be made after 2 August 2007 |
|
Kidsafe Qld (Inc.) |
the gift must be made after 2 August 2007 |
|
Kidsafe SA Incorporated |
the gift must be made after 2 August 2007 |
|
Kidsafe Tasmania
(Inc) |
the gift must be made after 2 August 2007 |
|
Kidsafe Vic (Inc.) |
the gift must be made after 2 August 2007 |
|
Kidsafe Western Australia
(Inc) |
the gift must be made after 2 August 2007 |
10.5
The amendments also seek to extend the time period for which deductions
are allowed for gifts to the Shrine of Remembrance Restoration and Development
Trust. Under the amendments, deductible gifts will be able to be made to the
Trust until 30 June 2009.[5]
10.6
This measure will have the following revenue implications:[6]
|
2007-08 |
2008-09 |
2009-10 |
|
- |
-$0.76m |
-$0.76m |
Intended benefits of changes
10.7
By granting DGR status to the Bathurst War Memorial Carillon Public Fund
Trust and Kidsafe, and by extending the DGR status of the Shrine of Remembrance
Restoration and Development Trust, the amendments would assist these entities in
attracting public support for their activities. A brief overview outlining the
work of these organisations is included below:
- The Bathurst War Memorial Carillon Public Fund Trust was
established to raise funds to rebuild the Bathurst War Memorial Carillon to its
original plans following damage caused by lightning in 2001.
- Kidsafe is a non-government, not-for-profit charitable
organisation dedicated to preventing unintended injuries and reducing resulting
deaths to children associated with childhood accidents. The national body,
Child Accident Prevention Foundation of Australia, is listed as a DGR. As the
result of a restructure of the foundation, the individual state and territory associations
will now be listed.[7]
- The Shrine of Remembrance Restoration and Development Trust was
established to raise funds for the restoration and development of the Shrine of
Remembrance in Melbourne. The Shrine of Remembrance was built between 1928 and
1934 and is Victoria's largest war memorial. [8]
10.8
There were no submissions received in relation to this Schedule.
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