Territory Stories

The Centralian advocate Tue 9 Jun 2009

Details:

Title

The Centralian advocate Tue 9 Jun 2009

Collection

Centralian Advocate; NewspaperNT

Date

2009-06-09

Notes

This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Community newspapers -- Northern Territory -- Alice Springs; Tennant Creek (N.T.) -- Newspapers; Alice Springs (N.T.) -- Newspapers.; Australia, Central -- Newspapers

Publisher name

Nationwide News Pty. Limited

Place of publication

Alice Springs

Volume

v. 63 no. 5

File type

application/pdf

Use

Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited

License

https://www.legislation.gov.au/Details/C2019C01106

Parent handle

https://hdl.handle.net/10070/233649

Citation address

https://hdl.handle.net/10070/656142

Page content

Centralian Advocate, Tuesday, June 9, 2009 11 P U B : C A D V D A T E : 9 -J U N -2 0 0 9 P A G E : 1 1 C O L O R : C M Y K BUSINESS AND COMMERCIAL Tax deductible donations MOST donations made by a taxpayer throughout the year can be claimed as a tax deduction. Taxpayers can claim for donations made to eligible gift recipients. Entities entitled to receive tax deductible donations are called deductible gift recipients (DGRs). Therefore, it is important to understand that only donations made to DGRs are actually tax deductible. There is also some misunderstanding as to what exactly constitutes a donation. The distinguishing factor is that no material benefit or advantage can be received by the donor. Some examples of payments made that are not considered as gifts or donations include; purchases of raffle or art union tickets; purchases of chocolates, pens, etc; the cost of attending fundraising dinners; membership fees; payments to school building funds as an alternative to an increase in school fees; and payments where the person has an understanding with the recipient that the payments will be used to provide a benefit for the donor. The law specifies the types of gifts that can be donated. To be deductible, a gift must be of money or property that is covered by one of the gift types, these main gift types are: l $2 or more money. l Property < 12 mths (Property purchased during the 12 months before the gift was made). l Shares < $5,000 (Listed shares valued at $5,000 or less, and acquired at least 12 months before the gift was made). l Trading Stock (Trading stock disposed of outside the ordinary course of business). l Cultural Gifts (Property donated under the Cultural Gift Program). The tax deduction for most donations is claimed in the tax return for the income year in which the donation is made. It is also important to keep documentation and receipts for the donation just like any other claimable deduction. This article is of a general nature only and is not intended to be relied upon as specific professional advice. Michael France is an accountant at HAS Business Solutions, chartered accountants and business advisers. Its Landcare awards time ORGANISERS for Landcare Australia are urging Central Australians to enter the National Landcare Awards as they reach a 20-year milestone this year. The awards are held every two years and are supported by many well-known Australians including cricket legend David Boon, marathon swimmer Tammy Van Wisse, champion freediver Sacha Dench, media personality Don Burke and singers Ami Williamson and Neil Murray. L a n d c a r e C E O B r i a n Scarsbrick has announced two special new awards one for young leaders and another to recognise people working in urban Landcare. The awards showcase the best in Landcare and the people who help our environment. Mr Scarsbrick said: Thousands and thousands of individuals and community groups around Australia are doing astonishing work. Never has there been a more vital time to salute people turning the tide against land and water degradation. Landcare Awards winners get huge recognition at the national ceremony, special prizes and the whole project is all about saluting people who are making a huge difference by tackling soil erosion, water pollution, salinity or any other environmental issues. Enter now. Be part of it and get the details from our website. The full list of categories is: l Urban Landcare Award (new) l Young Landcare Leader (new) l Individual Landcarer Award l Landcare Community Group Award l L o c a l G o v e r n m e n t Landcare Partnerships Award l Coastcare Award l Landcare Primary Producer Award l Landcare Education Award l Landcare Indigenous Award l Landcare NRM Region Award 1bn barrels oil bonanza We will now movetowards the drilling of our first well, Johnstone 1, as a priority John Heugh OIL giant Central Petroleum has tripled its target to almost one billion barrels after new discoveries in the Amadeus Basin, 400km southwest of Alice Springs. The Johnstone Oil Prospect is now considered one of the oiliest in Central Australia and the primary Pacoota Sandstone horizon a known hydrocarbon producer at the neighbouring Mereenie Oil Field and Palm Valley Gas Field could hold a further 669 million barrels of undiscovered oil. Central Petroleum managing director John Heugh said seismic remapping had increased the prospectivity of the Johnstone prospect by more than three times and confirmed it as one of the most exciting hydrocarbon prospects in the companys portfolio. He said: We will now move towards drilling of our first well, Johnstone-1, as a priority of our next exploration campaign, which is planned to get under way in the second half of the year. As well as the Pacoota Sandstone, drilling of Johnstone-1 will assess the potential of the shallower Horn Valley Siltstone, which covers some 40,000 square kilometres of the Amadeus Basin. The Amadeus Basin is now comparable to the Baxter and Bakken shales in the US, both prolific oil producers. Mr Heugh said: This will be the first time that an evaluation of the Horn Valley Siltstone for unconventional oil or gas potential has been attempted in the Amadeus Basin. The Amadeus drilling will focus on four key targets: 1. The Johnstone oil prospect 2. Ooraminna gas prospect, which flowed gas to the surface in 1963. 3. The Magee prospect which flowed gas, condensate and helium to the surface in 1992. 4. The Mount Kitty gas-condensate-helium prospect, which holds about 185 billion cubic feet of helium gas potential. Chief executive officer of the Chamber of Commerce for Central Australia Kay Eade with Micro Business Award winners Chris and Mechelle Collins of Alice Springs Helicopters and manager of the International Business Council Greg Bicknell at the awards launch. Focus is on regions export dollar winners It was great to receive such recognitionfor our business, which has been running for 17 years now. The award also helps promote your business THE Northern Territory Export Awards recognising businesses for their excellence and achievement in exporting are open for nominations. The Australian Export Awards is a national program that recognises and honours exporters who help grow their local economies through innovation and commitment. The Australian Trade Commission and the Australian Chamber of Commerce and Industry partner the presentation of the program which is in its 47th year and is one of the longest-running business awards in Australia. Last years winners were Alice Springs Helicopter owners and opera t o r s C h r i s a n d Mechelle Collins. Mr Collins said: It was great to receive such recognition for our business, which has been running for 17 years now. The award also helps promote your business. Entering at the State and Territory level is the only way of becoming a national finalist with the possibility of winning a national Award or the highly prestigious Prime Min isters Australian Exporter of the Year Award. Given the importance exporting has to the Australian economy, the objectives of the program are to showcase Australias top exporters. The winners are role models for the businesses of Australia demonstrating their drive to achieve success overseas and encouraging other Australian businesses to strive for success in world markets. For further information call 1300 881 920. Search for our good Samaritans THE hunt is on for people who always put the needs of others before their own. Someone who regularly gives up their time to volunteer for a charity or not-forprofit organisation. If you know of anyone who fits the bill nominate them for the IGA Community Chest Unsung Heroes Awards this week. Unsung Heroes are individuals who take the time to visit their local nursing home each week, the parents who volunteer their time to coach the local soccer team or the brave emergency service worker who puts their life on the line to save others. Regional winners will be awarded $250 of IGA vouchers and a $250 cash donation for their nominated registered charity or not-for-profit organisation. Regional winners are then automatically in the running for the Territory prize, which is decided by an online public vote. Northside IGA Foodland manager Dion Stower said: The IGA Community Chest Unsung Heroes Awards gives us the opportunity to say thank you to the many selfless individuals who go out of their way for the sake of others. This is the second year the IGA Community Chest Unsung Heroes Awards program has recognised the heroes of the Alice Springs community. The state winners chosen registered charity or not-for-profit organisation will be given $5000. For more information visit the IGA website.


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