17 October 2007

Deductibility of Gifts to AE2 Commemorative Foundation

Today, the Minister for Revenue and Assistant Treasurer, Peter Dutton, has announced the Government's decision to amend the tax law to allow deductions for gifts to the value of $2 or more to the AE2 Commemorative Foundation Ltd.

Gifts to the AE2 Commemorative Foundation Ltd will be tax deductible for a period of two years once the Foundation is notified that it has met the public fund requirements.

The Australian World War I submarine HMAS AE2 was the first allied submarine to penetrate the Dardanelles in 1915 on the morning that the ANZAC soldiers landed at Anzac Cove as part of the Gallipoli campaign. After five days, the AE2 fell to Turkish gunfire and was scuttled by her crew. She lay undiscovered in the Sea of Marmara, Turkey, until 1998. The Foundation seeks to ensure that the AE2 is preserved and her role in the Gallipoli campaign is appropriately recognised.

Taxpayers should ensure that they obtain a receipt for their donation.

Legislation to amend the Income Tax Assessment Act 1997 to give effect to this announcement will be introduced as soon as practicable.