Tax Laws Amendment (Political Contributions and Gifts) Act 2010 (Cth)

Tax Laws Amendment (Political Contributions and Gifts) Act 2010

No. 16, 2010

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Political contributions and gifts Income Tax Assessment Act 1997

Tax Laws Amendment (Political Contributions and Gifts) Act 2010 No. 16, 2010

An Act to amend the law relating to taxation, and for related purposes

[Assented to 15 March 2010]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax Laws Amendment (Political Contributions and Gifts) Act 2010.

2 Commencement This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Political contributions and gifts

Income Tax Assessment Act 1997

8 Section 12‑5 (table item headed "political parties") Repeal the item, substitute: political contributions and gifts denial of certain deductions.................... 26‑22 deductions for individuals..................... Subdivision 30‑DA

9 After section 26‑20 Insert:

26‑22 Political contributions and gifts

You cannot deduct political contributions or gifts (1) You cannot deduct under this Act (other than Subdivision 30‑DA): (a) a contribution (including a membership fee) or gift to a political party that is registered under Part XI of the Commonwealth Electoral Act 1918 or under corresponding State or Territory legislation; or (b) a contribution or gift to an individual when the individual is a candidate in an election for members of: (i) an *Australian legislature; or (ii) a *local governing body; or (c) a contribution or gift to an individual who is a member of: (i) an Australian legislature; or (ii) a local governing body.