Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
Australia Declares Sandy A Disaster For Tax Purposes,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, November 6, 2012
The Australian government has declared Hurricane Sandy a disaster for tax purposes,
thereby allowing Australian taxpayers to claim an income tax deduction for donations
made to the relief effort.
The storm hit the east coast of the US at the end of last month. Donations
made by Australian taxpayers to relief funds will be tax deductible for a period
of two years from 29 October, 2012.
Funds will need to apply to the Australian Taxation Office (ATO) for formal
endorsement. The ATO has established a fast track process for this purpose.
Taxpayers are advised to retain a receipt for their donation.
Only certain types of gifts to Australian disaster relief funds are tax deductible to donors. The types are: AUD2 or more in cash; property valued by the Tax Office at more than AUD5,000; property purchased during the 12 months before the gift was made; listed shares valued at AUD5,000 or less, and acquired at least 12 months before the gift was made; and trading stock disposed of outside the ordinary course of business.
Our 16 constantly
updated intelligence reports cover every important aspect
of 'offshore' and international tax-planning in depth, including
banking secrecy, the EU's savings tax directive, offshore
funds, e-commerce, offshore gaming and transfer pricing. Reports
are available for immediate downloading or as subscription
services with news pages.
Lowtax Network Sites
Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
Tax News: Global
tax news, continuously updated through the day.
A free online publication serving international expatriates and featuring world news, forums, events, in-depth country information and reliable investment and personal taxation guides.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
A topical guide to offshore e-commerce focused on tax and regulation.
One of the web's largest and most authoritative business and investment
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures.
Important Notice: Wolters Kluwer TAA Limited has taken reasonable care
in sourcing and presenting the information contained on this site, but
accepts no responsibility for any financial or other loss or damage that
may result from its use. In particular, users of the site are advised
to take appropriate professional advice before committing themselves to
involvement in offshore jurisdictions, offshore trusts or offshore investments.