Peter Costello

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Tax Deductibility of Gifts to Institute for International Policy

NO.070

TAX DEDUCTIBILITY OF GIFTS TO INSTITUTE FOR INTERNATIONAL POLICY

Today I am announcing the Government’s decision to amend the income tax law to allow tax deductions for gifts to the value of $2 or more to the Institute for International Policy.

As a result, gifts made to the Institute for International Policy from today will be deductible for income tax purposes.

The Institute for International Policy has been established to produce independent, objective and policy-oriented research on international issues and policies. The Institute will convey ideas through publications, conferences, seminars, public meetings and direct participation in public debate through the media. The Institute will also brief government and business leaders as required.

The Institute has the potential to become a world-class research body, which could help shape world opinion by raising the quality of public debate on economic and foreign policy issues, international affairs and matters of national importance.

Supporting the Institute through granting gift deductibility status will help it attract public support for its activities. This will allow the Institute to make a greater contribution to public debate within Australia and to global and regional discourse.

Legislation to give effect to this announcement will be introduced as soon as practicable.

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

CANBERRA
14 August 2003

Contact: David Alexander
02 6277 7340

14 Aug 2003

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