26 Jun 077 Tax law changes: donations of shares and fundraising contributionsThe ATO has published Non-Profit News Service No 0170 entitled "Tax law changes: donations of shares and fundraising contributions". Tax Laws Amendment (2007 Measures No 2) Act 2007, which received Royal Assent on 21 June 2007, amends the tax law to:
- allow a tax deduction for donations of listed shares to deductible gift recipients - from 1 July 2007, a tax deduction is available for donations of listed shares valued at $5,000 or less and acquired at least 12 months before the gift was made, and
- extend the thresholds for deductible contributions to fundraising events - in order to allow broader access to tax deductions, the thresholds for deductible contributions to fundraising events have been amended. The amended thresholds apply to contributions made on or after 1 January 2007.
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