14 Oct 088 Political Contributions and Gifts Bill 2008 passed by HouseOn 13 October 2008, Tax Laws Amendment (Political Contributions and Gifts) Bill 2008 was passed by the House of Representatives without amendment. The Bill was introduced into the House on 27 August 2008: see 2008 TAXVINE No 34 (9) (29 August 2008).
The Bill amends the ITAA 1997 and the ITAA 1936 to remove tax deductibility for contributions and gifts to political parties, independent members and independent candidates. The Bill also amends the GST Act to ensure that the GST treatment of these entities is not affected by the income tax amendments. The measures apply to contributions and gifts made on or after 1 July 2008 as announced in the 2008-09 Budget.
The Bill now proceeds to the Senate.