Australia: Food donations tax offset bill introduced in Senate
Food donations tax offset for companies for certain expenditures incurred in undertaking food donations activities for registered food charities
Food donations tax offset for companies for certain expenditure
The Tax Laws Amendment (Incentivising Food Donations to Charitable Organisations) Bill 2024, which proposes to create a food donations tax offset for companies for certain expenditures incurred in undertaking food donations activities for registered food charities, has been introduced in the Senate.
- The bill would introduce a refundable tax offset if a company’s aggregated turnover is less than $20 million* (otherwise the offset would be a non-refundable tax offset).
- The amount of the proposed tax offset would be capped at the lower of $5 million or a specified percentage of the expenditure incurred in undertaking the food donations activities.
*$=Australian dollar
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