The Assistant Treasurer, Senator Rod Kemp, announced that, from today, gifts to the value of $2 or more made to The Foundation For Young Australians will be deductible for income tax purposes.
The Foundation for Young Australians has been established to raise funds for a range of projects aimed at assisting young Australians to reach their full potential. The Foundation’s work has a particular emphasis on the assistance and education of disadvantaged young people. It will become the successor to the Queen Elizabeth II Silver Jubilee Trust for Young Australians and the Australian Youth Foundation.
Tax deductible gift status will assist the Foundation to attract public support for its activities.
Legislation to give effect to the Government’s decision will be introduced as soon as practicable and taxpayers should ensure that they receive a receipt for their donation.
CANBERRA
7 May, 2001
Media contacts: Paul Edwards Assistant Treasurer’s Office (02) 6277 7360
Kathy Gruber Australian Taxation Office (02) 6216 1493