Tax deductible gifts
PA Wellington Cash gifts made by companies to the Institute of Chemistry will be tax deductible, according to the Minister-in-charge of the Inland Revenue Department (Mr Templeton). Section 146 of the Income Tax Act J 976 allows a deduction for cash gifts of $2 or more made by companies to universities, the prior- approval of the
Minister of Finance, approved institutes, and individuals for education or research purposes likely to benefit the economy. Mr Templeton said the exemption was subject to a maximum not exceeding 5 per cent of the company’s assessable income, or $lOOO, whichever is the greater. - . Individual gifts in excess of $5OOO required
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Press, 23 September 1980, Page 23
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109Tax deductible gifts Press, 23 September 1980, Page 23
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