Today, the Minister for Revenue and Assistant Treasurer, Peter Dutton, has announced the Government’s decision to amend the tax law to allow deductions for gifts to the value of $2 or more to the Dunn & Lewis Youth Development Foundation Limited (the Foundation) for an additional one-year period until 31 December 2008.
The Foundation was established to assist with the building of a memorial complex to two victims of the Bali bombing. The complex will provide programmes to address chronic issues affecting young people including low self‑esteem, anger management, and the abuse of drugs and alcohol.
Taxpayers should ensure that they obtain a receipt for their donation.
Legislation to amend the Income Tax Assessment Act 1997 to give effect to this announcement will be introduced as soon as practicable.