DGR specific listing announced in the Federal Budget
Posted on : 17 December 2020
Sharing some remarkably good news, over twelve months ago, the RAS Foundation embarked on a journey to request deductible gift status (DGR) for all the work that we do and not just educational scholarships. Our application for specific listing in the Tax Act was successful and was announced in the recent Federal Budget. The relevant Bill has yet to be introduced into Parliament but we expect this to occur in early 2021.
Once legislated the DGR specific listing will allow the RASF greater flexibility in promoting the development of strong, sustainable, and resilient rural communities via community grants for education, health, agriculture, and the environment, rural infrastructure, social and public welfare, and culture. Further to this, it will allow the RASF to operate within a single, specifically listed entity rather than under the more complex three-fund arrangement that we currently work under.
Although 2020 has proven to be a difficult year, we are heartened by the continued support we have received and have been able to deliver to our rural and regional communities. The impact on the RASF, as an NFP operating within the events driven business of the RAS of NS, has been softened by our new DGR status. We have tremendous expectations for the boost we may now deliver to rural and regional communities across New South Wales.