Today, the Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton MP, has announced that gifts of $2 or more donated to Social Ventures Australia are tax deductible from today.
Social Ventures Australia is a charity that seeks to improve the effectiveness of other charitable organisations by providing a tailored combination of financial support, business skills development and mentoring. Its focus is on helping charities to achieve sustainable outcomes for the communities they serve and to increase their effectiveness as charitable organisations.
Social Ventures Australia provides a unique blend of support to the charitable sector that is in keeping with the Government’s objectives of promoting business and community partnerships and encouraging social entrepreneurs.
Taxpayers should ensure they receive 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.