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> 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 information.

 



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.

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