Treasury is seeking submissions on the draft bill and explanatory memorandum for the new deductible gift recipient (DGR) general category for sheds.
In the 2019-20 Budget, the Government announced it will establish a DGR general category to enable Men’s Sheds and Women’s Sheds (Sheds) to access DGR status from 1 July 2020. The Government’s decision will be implemented through an amendment to the Income Tax Assessment Act 1997.
365体育投注官网DGR status allows an organisation to receive gifts for which donors are able to claim an income tax deduction for gifts of $2 or more from the date specified in the legislation. The DGR tax arrangements are intended to encourage philanthropy and provide support for the not-for-profit sector.
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