Carol Brown (Tasmania, Australian Labor Party, Assistant Minister for Infrastructure and Transport) Share this | Hansard source

by leave—I move government amendments (1) to (3) on sheet ZB222 together:

(1) Schedule 3, item 20, page 18 (line 32), omit "fund; and", substitute "fund.".

(2) Schedule 3, item 20, page 19 (lines 1 to 4), omit paragraph (3)(d).

(3) Schedule 3, item 20, page 19 (lines 5 to 13), omit subitem (4), substitute:

(4) On and after the commencement of this Part, treat the public fund as having the principal purpose set out in item 9.1.1 of the table in subsection 30-80(1) of the Income Tax Assessment Act 1997, unless or until there is a change to the principal purpose of the public fund.

These amendments address an unintended consequence regarding the transitional provisions for existing overseas aid organisations. The amendments ensure that overseas aid funds continue to be endorsed or remain eligible for endorsement as deductible gift recipients under the new requirements. The amendments are consistent with the recommendations of the report of the Senate Economics Legislation Committee and address concerns about transitional provisions raised by the Law Council of Australia and the Australian Council for International Development in submissions to the inquiry.

Question agreed to.