The Treasurer today announced that the Government will amend the Income Taxation Assessment Act 1997 to ensure that gifts of $2 or more donated to the Country Fire Authority and the Victoria State Emergency Service will continue to be deductible for income tax purposes. The Government will also legislate to ensure that equivalent co-ordinating bodies in other States and Territories also benefit from being able to receive tax deductible gifts.
The Country Fire Authority and the Victoria State Emergency Service are the coordinating bodies for a number of volunteer emergency service organisations. The Tax Office has recently confirmed that the individual volunteer fire brigades are able to be endorsed to receive tax deductible gifts.
Specific listing as a deductible gift recipient (DGR) will support these organisations by providing an incentive for people to donate. Donations are made to a public fund. DGR listing will also mean access to GST concessions, providing further support for the organisations’ fundraising activities.
Legislation to give effect to this announcement will be introduced as soon as practicable in the New Year. Taxpayers should ensure that they receive a receipt for their donation.