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04 Dec 06 Encouraging philanthropy through improved tax deductions

In a joint press release issued on 1 December 2006, the Minister for Revenue and Assistant Treasurer, Peter Dutton, and the Minister for Families, Community Services and Indigenous Affairs, Mal Brough, announced improvements to taxation deductibility provisions that affect fundraising charity dinners and events.

The changes are to the Minor Benefits Measure, which seeks to permit a tax deduction for a payment to a charity where a benefit is received by the taxpayer provided that the value of the benefit received does not exceed the designated percentage of that payment. Deductions allowed under this measure are separate to deductions currently allowed for gifts.

The changes will reduce the minimum contribution threshold to $150 (previously $250), which will allow a greater number of charities to use the measure for fundraising. The value of the minor benefit allowed will be increased to 20% of the gift - or ticket price - but not exceeding a value of $150 (previously 10% not exceeding $100).

The changes to the Minor Benefits Measure will apply from 1 January 2007.

For a copy of the Ministers' press release, No 2006/086, 1 December 2006, go here

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