The Government has decided that it will legislate to refund excess imputation credits

to registered charitable and gift deductible organisations.

From 1 July 2000, certain charities will be entitled to claim refunds of imputation

credits attached to all distributions received directly, such as dividends from companies,

or through a trust.

The Government’s announcement will provide a significant financial boost (around

$50 million annually) to charities and they will therefore be in a position to provide

more services and assistance to their beneficiaries.

This measure will be legislated as an amendment to the New Business Tax System

(Miscellaneous) Bill 1999 (currently before the Senate) which contains provisions

refunding such credits to individuals and superannuation funds.

CANBERRA

13 April 2000

Contact: Mitchell Fifield – Treasurer’s Office (03) 9650 0244

Simon Matthews – ATO (02) 6271 6326