Commonwealth of Australia Explanatory Memoranda

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TAX LAWS AMENDMENT (2013 MEASURES NO. 2) BILL 2013

                     2010-2011-2012-2013



THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA




               HOUSE OF REPRESENTATIVES




 TAX LAWS AMENDMENT (2013 MEASURES No. 2) BILL 2013




    SUPPLEMENTARY EXPLANATORY MEMORANDUM




      Amendments to be moved on behalf of the Government




                (Circulated by the authority of the
  Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)
General outline and financial impact

Deductible gift recipients
    The amendments to the Tax Laws Amendment (2013 Measures No. 2) Bill 2013
    add an additional entity to the list of specifically listed deductible gift recipients.

    Date of effect: The listing of Social Traders Ltd applies to gifts made after
    30 June 2013.

    Proposal announced: This amendment has not been previously announced.

    Financial impact: Nil.

    Human rights implications: This Schedule does not raise any human rights
    issues. See Statement of Compatibility with Human Rights -- Chapter 10,
    paragraphs 10.28 to 10.34 in the explanatory memorandum to Tax Laws
    Amendment (2013 Measures No. 2) Bill 2013.

    Compliance cost impact: Nil.


Chapter 1
Amendments to the Tax Laws Amendment
(2013 Measures No. 2) Bill 2013

Amendments 1 to 2

Social Traders Ltd (ABN 42 132 665 804)

    1.1                 The amendments add Social Traders Ltd (ABN 42 132 665 804)
    as a specifically listed deductible gift recipient. Taxpayers may claim a tax
    deduction for gifts made to Social Traders Ltd after 30 June 2013. [Amendment 1,
    item 13.2.5 in the table in section 30-105 of the ITAA 1997]

    1.2               Social Traders Ltd aims to facilitate the development of a
    sustainable social enterprise sector that delivers social and economic inclusion.

    1.3               A change has been made to update the index in Division 30 to
    add the new listing. [Amendment 2, item 111AAA in the table in section 30-315 of the
    ITAA 1997]




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