The Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, has announced that from today, gifts to the value of $2 or more made to the Australian Council for Children and Youth Organisations Inc. will be deductible for income tax purposes.
The Australian Council for Children and Youth Organisations Inc's (ACCYO) purpose is to assist and empower disadvantaged children and young people by establishing and operating a regulatory framework and accreditation system which is recognised by the wider community.
"The ACCYO aims to ensure that best practice is applied by agencies responsible for the provision of direct welfare assistance to the children and youth of Australia," Senator Coonan said.
"Tax deductible gift status will help the ACCYO attract public support for its activities."
Legislation to give effect to this announcement will be introduced as soon as practicable.
Senator Coonan said taxpayers should ensure that they receive a receipt for their donation to allow them to claim a tax deduction.