Latest Australian Bushfires A ‘Disaster’ For Tax Purposes

Latest Australian Bushfires A ‘Disaster’ For Tax Purposes
22 January 2013

Australia — The Australian government will provide tax deductible status to relief funds established to help those affected by the New South Wales bushfires.

This month’s fires in the Coonabarabran region of New South Wales have been declared a disaster for tax purposes. The declaration, issued by Acting Assistant Treasurer Penny Wong, will ensure that new funds and qualifying existing funds established for the relief of those affected can receive tax deductible donations.

Funds will still need to apply for formal endorsement, but the Australian Tax Office (ATO) has established a fast track process to approved applications as quickly as possible. Donations will be tax deductible for two years.

The declaration mirrors that made for the Tasmanian fires earlier this month. The ATO is also permitting those making donations of up to AUD10 to “bucket appeals” and other disaster relief funds for the Tasmanian fires this financial year to claim a tax deduction without a receipt.

24. November 2017/by GFMCadmin