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28 Jun 06 Political contributions and gifts

In Non-Profit News Service No. 0144, the ATO notes that The Electoral and Referendum Amendment (Electoral Integrity and Other Measures) 2006 Act, which contains amendments to the Income Tax Assessment Act 1997 in relation to political contributions and gifts, received Royal Assent on 22 June 2006. This Act includes a measure to expand and extend the arrangements for tax deductibility of political contributions and gifts by:

- raising the tax deductible threshold from $100 to $1,500 for an income year;
- allowing deductibility for contributions and gifts made to political parties registered under state and territory electoral legislation;
- allowing deductibility for contributions and gifts to independent candidates and members; and
- extending deductibility for contributions and gifts from companies.

For a copy Non-Profit News Service No. 0144 go here

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