The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

20 March 2008


New Tax Laws Bill Introduced

The Rudd Government today introduced Tax Laws Amendment (2008 Measures No. 2) Bill 2008 to improve Australia's taxation system and extend deductible gift recipient (DGR) status to a number of community organisations.

The Bill amends the tax law to account for amounts misappropriated by an employee or agent. This measure recognises the loss taxpayers suffer when they dispose of a depreciating asset or capital gains tax (CGT) asset and an agent or an employee steals the proceeds.

It also ensures that the market value substitution rule does not apply where CGT event C2 occurs in relation to a share in a widely held company or a unit in a widely held unit trust so that taxpayers are treated fairly by paying CGT on an amount they actually receive.

The Bill exempts from income tax the Endeavour Executive Award and research fellowships under the Endeavour Awards. The measure ensures consistency in taxation treatment of research fellowships.

It also establishes the means for State and Territory governments to seek to exempt from income tax the first $1,000 of early completion bonuses paid to eligible apprentices.

The Bill updates the list of deductible gift recipients (DGRs) to include nine new entities and to extend the time period of DGR status of four entities.

The following organisations are provided DGR status for the first time:

  • World Youth Day 2008 Trust
  • The Council for Jewish Community Security
  • Wheelchairs For Kids Incorporated
  • Memorials Development Committee Ltd
  • AE 2 Commemorative Foundation Ltd
  • Ian Thorpe's Fountain for youth Limited
  • Amy Gillett Foundation
  • The Spirit of Australia Foundation
  • Playgroup Australia Incorporated

20 March 2008