The Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, announced that from today to 30 January 2004, gifts to the value of $2 or more to The Albert Coates Memorial Trust will be deductible for income tax purposes.
The Albert Coates Memorial Trust (the Trust) has been established to raise funds to establish "living memorials" to honour Sir Albert Coates who served in two World Wars with distinction. The Trust has constructed a statue of Sir Albert in the city of Ballarat. The Trust will now fund scholarships each year to medical graduates and/or assist a student in Ballarat as well as establish other memorials appropriate to honouring the legacy of Sir Albert Coates by the education and inspiration of young people in Australia.
Tax deductible gift status assists the Trust to attract public support for its activities.
Legislation to give effect to this announcement will be introduced as soon as practicable and taxpayers should ensure that they receive a receipt for their donation.