Tax deductibility available for Lismore flood donations
Federal Member for Page Kevin Hogan said donations to Lismore City Council’s Flood Appeal and other flood relief funds will be tax deductible.
“Our community has been hit by a major natural disaster,” he said.
“The community has shown great strength and resilience, having already come together to commence the rebuilding process.
“The overwhelming response to the council’s Flood Appeal has been amazing.
“The Government is moving quickly to allow qualifying new and existing funds established for the relief of people affected by the flood to receive tax deductible donations.”
Lismore City Council and organisers of other Flood Relief funds in the Lismore Government Area will have to apply for Deductable Gift Recipient endorsement from the Australian Taxation Office.
The ATO and the Australian Charities and Not-for-profits Commission are available to assist with this process. Funds will need to apply for formal endorsement via the ATO website.
Once approved, donations to Australian disaster relief funds, established to provide relief in the aftermath of Cyclone Debbie, will be tax deductible for a period of two years from 28 March 2017, the date the cyclone made landfall in Queensland.
In order to further assist the communities that have been impacted by the cyclone, the Australian Taxation Office has also initiated fast tracking of tax refunds for people affected by extreme weather and flooding in NSW and Queensland.
Taxpayers and their Tax and BAS agents will also have additional time to lodge income tax returns and activity statements.
Automatic deferrals of one month are now in place for tax lodgement and payment dates (excluding large Pay As You Go withholders) for people within the postcode of 2480. The ATO’s website has a list of new lodgement dates for affected regions.
Individuals who have a business or reside within a region that is not listed but have been impacted by the disaster, can call the ATO on 1800 806 218 for assistance.
Further information on establishing an Australian disaster relief fund is available at www.ato.gov.au