NO.090

RECOGNITION OF RECENT GREEK FIRES AS A DISASTER FROM 24 AUGUST 2007

The Treasurer today announced his decision to recognise the recent fires in Greece as a disaster for the purposes of tax deductibility of donations, effective from 24 August 2007, under the Income Tax Assessment Act 1997.

The recent fires in Greece have killed more than 60 people and destroyed more than 500 homes, leaving thousands homeless.

Australians are all too familiar with the damage and destruction such fires can cause.  As the affected communities begin to rebuild, many Australians will wish to contribute donations to assist them at this difficult time.

The Treasurer’s decision means that public funds established and maintained by a public benevolent institution solely to provide money for the relief of people in Greece who are in distress as a result of the fires can be established as ‘developed country relief funds’.  Donations to such funds are tax deductible for a period of two years from 24 August 2007.

Further information on establishing a developed country disaster relief fund is available at the Australian Taxation Office website www.ato.gov.au/nonprofit.

This announcement is in addition to the $3 million in assistance announced by the Prime Minister on 27 August 2007, and the contribution of Australian experts to assist firefighting operations.

Taxpayers should ensure they receive a receipt for their donation.

SYDNEY

6 September 2007

Contact: David Gazard – 0428 405 107