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 General Sir John Monash Foundation will be deductible for income tax purposes.
The General Sir John Monash Foundation (the Foundation) was established to raise funds to administer Australia's most prestigious postgraduate scholarship, the General Sir John Monash Awards.
"These awards will recognise the highest academic achievement and will aim to attract potential national leaders in their chosen field," Senator Coonan said.
"Today's announcement forms part of the package of assistance to the Foundation announced by the Prime Minister on 4 June 2002.
"Tax deductible gift status will help the Foundation to 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.