Removing Tax Deductibility for Political Donations
25 February 2010
The Rudd Government has welcomed the final passage of legislation in Parliament today giving broad effect to the Government's election commitment to abolish the tax deduction for donations to political parties and independent candidates and members.
The Tax Laws Amendment (Political Contributions and Gifts) Bill 2008, which passed the Senate this afternoon, limits existing provisions that allow tax deductions for gifts and contributions by businesses to political parties and independent candidates and members.
The measure applies retrospectively from 1 July 2008, meaning businesses will not be able to deduct their political donations from that day.
These gifts and contributions remain subject to the existing conditions outlined in the tax law. Further details are available at www.ato.gov.au.
Home
TEN Shop
Litigation Law
Print
