The Assistant Federal Treasurer, Senator Rod Kemp, today announced that donations to the Natural Disaster (Sydney Hail Storm Assistance) Fund will be tax deductible.
"The Federal Government will amend the Income Tax Assessment Act 1997 to allow deductions for donations to the fund for a period of two years, subject to the fund satisfying the usual public fund requirements," Senator Kemp said.
"The severe hail storm that caused immense damage to property has created an urgent need for assistance, and the Government considers the disaster serious enough to specifically list the fund by name in the Income Tax Assessment Act, rather than the fund being approved under the general category of a necessitous circumstances fund."
"This approach will allow a speedier payment of monies to those determined to be eligible for assistance, and by specifically listing the fund, benefits can be provided to businesses and community groups, which would not be possible under normal disaster relief circumstances," Senator Kemp said.
The necessary amendment will be introduced as soon as possible.
CANBERRA
27 May 1999
Contact Officers:
Matthew Guy
(02) 6277 7360