Foundation Broken Hill will be better equipped to attract donations by offering an important taxation benefit to donors, with the Government’s approval of the organisation as a specifically-listed Deductible Gift Recipient (DGR) in the 2019 Budget.
The news means taxpayers may claim an income tax deduction for gifts of money or property of $2 or more to the organisation, for the period of 1 July 2019 to 30 June 2024.
Member for the Parkes electorate Mark Coulton said he is thrilled Foundation Broken Hill has achieved the important milestone.
“I have been working to have the important work of Foundation Broken Hill appropriately recognised, and I am very pleased they have been specifically listed in this year’s Budget papers for DGR status for the next five years,” Mr Coulton said.
“It was very rewarding to speak with representatives from the Foundation to share the exciting news. This achievement is a credit to the organisation and shows that persistence pays off – I’m pleased to have played a role in making this happen.”
Foundation Broken Hill Chair Vince Gauci said the Foundation’s forthcoming DGR status will have an enormous impact on Broken Hill and the Far West region.
“One of our greatest challenges has been attracting donations in a competitive environment, without being able to offer a taxation benefit. We believe this listing will help us double our capital fund – and therefore double our business and community support to more than $200,000 each year,” Mr Gauci said.
“Credit for this achievement must go to Federal Member for Parkes Mark Coulton and his staff. Over the last 20 years, we have sought support in our quest for gift deductibility from every government, through every local member and directly from many relevant government departments. Mark has appreciated our work, understood our need and worked hard to ensure others did too.”
Mr Gauci said the specific listing recognises Broken Hill as a unique city (Australia’s only National Heritage City), and recognises Foundation Broken Hill as a unique organisation (with demonstrated growth and sustainability independent of government funding).