The Government has introduced the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (the Bill) into Parliament. The Bill includes measures to encourage philanthropic giving.
The Bill provides a pathway for up to 28 community foundations to be endorsed as deductible gift recipients.
The entities are, or will be, structured as either trusts or incorporated entities. Community charity trusts and community charity corporations do not fit neatly into any of the existing deductible gift recipient categories.
The amendments create a new framework to facilitate community charities achieving deductible gift recipient status, subject to appropriate oversight and enforcement powers. Although this framework will currently only apply to a small number of named community charities, additional organisations could be brought within scope in future by being specified in ministerial declarations as candidates for endorsement.
This will encourage philanthropic support for these foundations and contribute to the Government’s goal of doubling philanthropy by 2030.
The Bill specifically lists Justice Reform Initiative Limited and Transparency International Australia as deductible gift recipients, and extends the listing of Australian Sports Foundation Charitable Fund and the Victorian Pride Centre Limited.
This encourages philanthropic giving and supports the not‑for‑profit sector by allowing taxpayers to claim income tax deductions for gifts and donations made to deductible gift recipients.
Labor is committed to working with the charity sector to build a more connected community and a fairer society.
A list of foundations which will be eligible for endorsement can be found below:
Albany Community Foundation
Australian Communities Foundation
Bass Coast Community Foundation
Border Trust [based in Albury]
Community Foundation for Tumut Region
Denmark Community Foundation
Eyre Peninsula Foundation
Fleurieu Community Foundation
Geelong Community Foundation
Hands Across Canberra
Inner North Community Foundation [based in Northcote]
Into Our Hands Community Foundation [based in Myrtleford]
Mackay Community Foundation
Mirboo North & District Community Foundation
Northern Rivers Community Foundation
Red Earth Community Foundation [based in Durong]
South West Community Foundation [based in Warrnambool]
Southern Highlands Foundation
Stand Like Stone [based in Mount Gambier]
Sydney Community Foundation
Tomorrow Today Foundation [based in Benalla]
Upper Murray Innovation Foundation