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Friday 10 February 2012

New overseas deductible gift recipients

  1. A gift or donation of a value of $2 or more is generally an allowable tax deduction as long as it is made to an organisation that is a Deductible Gift Recipient (DGR). A DGR is an entity or fund that can receive tax deductible gifts or donations.
  2. The Assistant Treasurer has recently declared a number of overseas funds to be developing relief funds under the tax law. Some of the funds declared include:

    ·         African Aids Foundation Overseas Aid Fund;
    ·         Friends of New Hope India Relief Fund Gift Account;
    ·         Wellwishers Ethiopia Gift Fund
    ·         Indochina Starfish Foundation Gift Fund; and
    ·         Healthserve Australia Overseas Aid Fund

    From November 9, 2011 donations to these funds are tax deductible.

  3. To be deductible, a gift or donation must also meet several other conditions. Click here for more information.

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