Product Ruling PR 2024/20
Date of effect: 1 July 2024

What this ruling is about: 1. This Ruling sets out the income tax consequences for individuals who hold an ING Bank (Australia) Limited (ING) Orange Everyday or Orange Everyday Youth bank account (an Everyday Account) and activate the Round Up to Charity feature. 2. All legislative references in this Ruling are to the Income Tax Assessment Act 1997, unless otherwise indicated. Terms which are defined in the Terms and Conditions referred to in paragraph 10 of this Ruling have been capitalised. 3. This Ruling does not address: Who this Ruling applies to 4. This Ruling applies to you if you: 5. This Ruling does not apply to you if you participate in the scheme described in paragraphs 10 to 24 of this Ruling by activating the Round Up to Charity feature before 1 July 2024 or after 30 June 2027. 6. This Ruling applies from 1 July 2024 to Account Holders specified in paragraph 4 of this Ruling who have activated the Round Up to Charity feature from 1 July 2024 until 30 June 2027. 7. However, the Ruling only applies and may be relied on to the extent that there is no change in the scheme or in the Account Holder's involvement in the scheme. If the scheme carried out is materially different from the scheme described at paragraphs 10 to 24 of this Ruling, this Ruling cannot be relied upon and may be withdrawn or modified. 8. Subject to paragraph 3 of this Ruling and the assumptions in paragraph 9 of this Ruling: Assumptions 9. This Ruling is made on the basis of the following necessary assumptions: 10. The scheme is identified and described in the following: Note: Certain information has been provided on a commercial-in-confidence basis and will not be disclosed or released under freedom of information legislation. 11. For the purposes of describing the scheme, there are no other agreements (whether formal or informal, and whether or not legally enforceable) which an Account Holder, or any associate of an Account Holder, will be a party to which are a part of the scheme. 12. All Australian Prudential Regulation Authority requirements are, or will be, complied with. Overview of scheme 13. ING is an authorised deposit taking institution which offers various Australian banking products, including the Everyday Account, a non-interest bearing transaction product which can be opened and operated in one or 2 names (as a joint account). [1] 14. An Everyday Account may be opened by an individual who is an Australian resident for tax purposes and who does not open or operate the Everyday Account for business, trade, superannuation or trustee purposes. 15. ING has extended the functionality of the optional 'Everyday Round Up' feature under the Everyday Account to include the Round Up to Charity feature. 16. If activated by Account Holders (via online or mobile banking), the Round Up to Charity feature allows: 17. To process the transfer of a Round Up Amount: 18. At the time of activating the Round Up to Charity feature, Account Holders nominate, from a list of charities made available for selection by ING, a charity to which they wish to have their Round Up Amounts transferred. While Intelligent Foundation endeavours to disburse the Round Up Amounts in accordance with the nomination of each Account Holder, the charities to which the Round Up Amounts are disbursed is at the unfettered discretion of Intelligent Foundation. 19. The Round Up Amounts from which Account Holders can choose at the time of activation are to the nearest $1 or to the nearest $5. Neither ING nor Intelligent Foundation is entitled to retain any portion of the Round Up Amounts. 20. Account Holders must choose to activate the Round Up to Charity feature. Once activated, Account Holders can disable the Round Up to Charity feature at any time. 21. Account Holders are not required to pay any costs or fees in association with the Round Up to Charity feature. 22. Each of the Account Holder's quarterly bank statements will detail each Round Up to Charity transaction debited from their Everyday Account, provide an aggregate running total for the financial year to date of Round Up Amounts under the Round Up to Charity feature debited on the Account Holder's behalf, and identify Intelligent Foundation as the recipient of those Round Up Amounts. The total Round Up Amounts transferred to Intelligent Foundation on the Account Holder's behalf within an income year will be reflected in the bank statement for the quarter ended 30 June. 23. Intelligent Foundation will not be issuing receipts for Round Up Amounts transferred to it via the Round Up to Charity feature. 24. Intelligent Foundation is: Commissioner of Taxation 11 December 2024 Deductibility of Round Up Amounts: Division 30 25. A donor can claim a tax deduction for a gift if the requirements in section 30-15 are satisfied. The table in subsection 30-15(2) sets out the categories of recipients of deductible gifts and contributions, the types of deductible gifts or contributions that can be made to each category of recipients, how much can be deducted and special conditions that require satisfying. Gift recipient 26. Table item 2 of subsection 30-15(2) states that deductible gifts and contributions can be made to: 27. As recognised in paragraph 24 of this Ruling, Intelligent Foundation is a recipient covered under table item 2 of subsection 30-15(2) on the basis that it is a public ancillary fund [4] established and maintained for the sole purpose of receiving money from donors and on-paying that money to the charities, each of which should be a fund, authority or institution covered by an item in any of the tables in Subdivision 30-B (and therefore a recipient to which gifts are deductible under table item 1 of subsection 30-15(2)). Type of gift 28. Table item 2 of subsection 30-15(2) provides that the deductible gifts and contributions that can be made to a table item 2 recipient include gifts of money. Money can be paid in various ways, including by cash, cheque, credit card or electronically. 29. Under the Round Up to Charity feature, Account Holders will pay the Round Up Amounts (money) to Intelligent Foundation. 30. The meaning of 'gift' for the purposes of Division 30 is dealt with in Taxation Ruling TR 2005/13 Income tax: tax deductible gifts  what is a gift. The word 'gift' is not defined in the Income Tax Assessment Act 1997 and, for the purposes of Division 30, has its ordinary meaning. 31. The courts have described a gift as having the following characteristics and features: 32. The Round Up Amounts constitute a gift of money as: Amount of gift that can be deducted 33. Table item 2 of subsection 30-15(2) states that the amount that can be deducted for a gift of money is the amount that is given. 34. The amount given by the Account Holders in the form of Round Up Amounts under the Round Up to Charity feature for the income year will only include Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. Special conditions 35. Table item 2 of subsection 30-15(2) requires the following special conditions to be satisfied [6] : 36. In relation to the special condition in paragraph (a) of table item 2 of subsection 30-15(2), an Account Holder can add together a series of Round Up Amounts in an income year to work out whether the gift is $2 or more. 37. As an endorsed deductible gift recipient covered by table item 2 of subsection 30-15(2), the special conditions at paragraphs (b) and (c) of that subsection will also be satisfied. That is: 38. Subject to the Round Up Amounts of an Account Holder using the Round Up to Charity feature being $2 or more for the income year, each of the requirements in table item 2 of subsection 30-15(2) will therefore be satisfied, and the Account Holder will be able to claim a deduction under section 30-15 for the Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. 39. Where the Everyday Account from which the Round Up Amounts are transferred is jointly owned by 2 Account Holders, the extent to which those Account Holders will be able to claim a deduction under section 30-15 for the Round Up Amounts will be in proportion to their beneficial interest in the Everyday Account. 40. Unless there is evidence to the contrary, it will be presumed that each of those Account Holders have an equal beneficial interest in the Everyday Account and will therefore share the deduction in equal proportions. Evidence of a gift 41. In the making of an assessment under section 166 of the Income Tax Assessment Act 1936, we may disallow an amount claimed under section 30-15 as a gift of money if the taxpayer does not hold sufficient evidence that demonstrates an entitlement to the deduction claimed. 42. Deductible gift recipients are not required to issue receipts. As Intelligent Foundation will not issue receipts for Round Up Amounts transferred using the Round Up to Charity feature, Account Holders will rely on their quarterly Everyday Account bank statements as evidence of the gift. 43. Guidance in relation to the records needed to evidence a gift is provided on ato.gov.au  Keeping a record of your donation: Receipts from third parties which states: 44. The Account Holder's quarterly Everyday Account bank statements will be sufficient written evidence to substantiate a deduction being claimed under section 30-15 on the basis that: © AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Class of entities or scheme: 13. ING is an authorised deposit taking institution which offers various Australian banking products, including the Everyday Account, a non-interest bearing transaction product which can be opened and operated in one or 2 names (as a joint account). [1] 14. An Everyday Account may be opened by an individual who is an Australian resident for tax purposes and who does not open or operate the Everyday Account for business, trade, superannuation or trustee purposes. 15. ING has extended the functionality of the optional 'Everyday Round Up' feature under the Everyday Account to include the Round Up to Charity feature. 16. If activated by Account Holders (via online or mobile banking), the Round Up to Charity feature allows: 17. To process the transfer of a Round Up Amount: 18. At the time of activating the Round Up to Charity feature, Account Holders nominate, from a list of charities made available for selection by ING, a charity to which they wish to have their Round Up Amounts transferred. While Intelligent Foundation endeavours to disburse the Round Up Amounts in accordance with the nomination of each Account Holder, the charities to which the Round Up Amounts are disbursed is at the unfettered discretion of Intelligent Foundation. 19. The Round Up Amounts from which Account Holders can choose at the time of activation are to the nearest $1 or to the nearest $5. Neither ING nor Intelligent Foundation is entitled to retain any portion of the Round Up Amounts. 20. Account Holders must choose to activate the Round Up to Charity feature. Once activated, Account Holders can disable the Round Up to Charity feature at any time. 21. Account Holders are not required to pay any costs or fees in association with the Round Up to Charity feature. 22. Each of the Account Holder's quarterly bank statements will detail each Round Up to Charity transaction debited from their Everyday Account, provide an aggregate running total for the financial year to date of Round Up Amounts under the Round Up to Charity feature debited on the Account Holder's behalf, and identify Intelligent Foundation as the recipient of those Round Up Amounts. The total Round Up Amounts transferred to Intelligent Foundation on the Account Holder's behalf within an income year will be reflected in the bank statement for the quarter ended 30 June. 23. Intelligent Foundation will not be issuing receipts for Round Up Amounts transferred to it via the Round Up to Charity feature. 24. Intelligent Foundation is: Commissioner of Taxation 11 December 2024 | Deductibility of Round Up Amounts: Division 30: 25. A donor can claim a tax deduction for a gift if the requirements in section 30-15 are satisfied. The table in subsection 30-15(2) sets out the categories of recipients of deductible gifts and contributions, the types of deductible gifts or contributions that can be made to each category of recipients, how much can be deducted and special conditions that require satisfying. | Gift recipient: 26. Table item 2 of subsection 30-15(2) states that deductible gifts and contributions can be made to: 27. As recognised in paragraph 24 of this Ruling, Intelligent Foundation is a recipient covered under table item 2 of subsection 30-15(2) on the basis that it is a public ancillary fund [4] established and maintained for the sole purpose of receiving money from donors and on-paying that money to the charities, each of which should be a fund, authority or institution covered by an item in any of the tables in Subdivision 30-B (and therefore a recipient to which gifts are deductible under table item 1 of subsection 30-15(2)). | Type of gift: 28. Table item 2 of subsection 30-15(2) provides that the deductible gifts and contributions that can be made to a table item 2 recipient include gifts of money. Money can be paid in various ways, including by cash, cheque, credit card or electronically. 29. Under the Round Up to Charity feature, Account Holders will pay the Round Up Amounts (money) to Intelligent Foundation. 30. The meaning of 'gift' for the purposes of Division 30 is dealt with in Taxation Ruling TR 2005/13 Income tax: tax deductible gifts  what is a gift. The word 'gift' is not defined in the Income Tax Assessment Act 1997 and, for the purposes of Division 30, has its ordinary meaning. 31. The courts have described a gift as having the following characteristics and features: 32. The Round Up Amounts constitute a gift of money as: | Amount of gift that can be deducted: 33. Table item 2 of subsection 30-15(2) states that the amount that can be deducted for a gift of money is the amount that is given. 34. The amount given by the Account Holders in the form of Round Up Amounts under the Round Up to Charity feature for the income year will only include Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. | Special conditions: 35. Table item 2 of subsection 30-15(2) requires the following special conditions to be satisfied [6] : 36. In relation to the special condition in paragraph (a) of table item 2 of subsection 30-15(2), an Account Holder can add together a series of Round Up Amounts in an income year to work out whether the gift is $2 or more. 37. As an endorsed deductible gift recipient covered by table item 2 of subsection 30-15(2), the special conditions at paragraphs (b) and (c) of that subsection will also be satisfied. That is: 38. Subject to the Round Up Amounts of an Account Holder using the Round Up to Charity feature being $2 or more for the income year, each of the requirements in table item 2 of subsection 30-15(2) will therefore be satisfied, and the Account Holder will be able to claim a deduction under section 30-15 for the Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. 39. Where the Everyday Account from which the Round Up Amounts are transferred is jointly owned by 2 Account Holders, the extent to which those Account Holders will be able to claim a deduction under section 30-15 for the Round Up Amounts will be in proportion to their beneficial interest in the Everyday Account. 40. Unless there is evidence to the contrary, it will be presumed that each of those Account Holders have an equal beneficial interest in the Everyday Account and will therefore share the deduction in equal proportions. | Evidence of a gift: 41. In the making of an assessment under section 166 of the Income Tax Assessment Act 1936, we may disallow an amount claimed under section 30-15 as a gift of money if the taxpayer does not hold sufficient evidence that demonstrates an entitlement to the deduction claimed. 42. Deductible gift recipients are not required to issue receipts. As Intelligent Foundation will not issue receipts for Round Up Amounts transferred using the Round Up to Charity feature, Account Holders will rely on their quarterly Everyday Account bank statements as evidence of the gift. 43. Guidance in relation to the records needed to evidence a gift is provided on ato.gov.au  Keeping a record of your donation: Receipts from third parties which states: 44. The Account Holder's quarterly Everyday Account bank statements will be sufficient written evidence to substantiate a deduction being claimed under section 30-15 on the basis that: © AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Ruling: 1. This Ruling sets out the income tax consequences for individuals who hold an ING Bank (Australia) Limited (ING) Orange Everyday or Orange Everyday Youth bank account (an Everyday Account) and activate the Round Up to Charity feature. 2. All legislative references in this Ruling are to the Income Tax Assessment Act 1997, unless otherwise indicated. Terms which are defined in the Terms and Conditions referred to in paragraph 10 of this Ruling have been capitalised. 3. This Ruling does not address: | Who this Ruling applies to: 4. This Ruling applies to you if you: 5. This Ruling does not apply to you if you participate in the scheme described in paragraphs 10 to 24 of this Ruling by activating the Round Up to Charity feature before 1 July 2024 or after 30 June 2027. 6. This Ruling applies from 1 July 2024 to Account Holders specified in paragraph 4 of this Ruling who have activated the Round Up to Charity feature from 1 July 2024 until 30 June 2027. 7. However, the Ruling only applies and may be relied on to the extent that there is no change in the scheme or in the Account Holder's involvement in the scheme. If the scheme carried out is materially different from the scheme described at paragraphs 10 to 24 of this Ruling, this Ruling cannot be relied upon and may be withdrawn or modified. 8. Subject to paragraph 3 of this Ruling and the assumptions in paragraph 9 of this Ruling: | Assumptions: 9. This Ruling is made on the basis of the following necessary assumptions: 10. The scheme is identified and described in the following: Note: Certain information has been provided on a commercial-in-confidence basis and will not be disclosed or released under freedom of information legislation. 11. For the purposes of describing the scheme, there are no other agreements (whether formal or informal, and whether or not legally enforceable) which an Account Holder, or any associate of an Account Holder, will be a party to which are a part of the scheme. 12. All Australian Prudential Regulation Authority requirements are, or will be, complied with. | Overview of scheme: 13. ING is an authorised deposit taking institution which offers various Australian banking products, including the Everyday Account, a non-interest bearing transaction product which can be opened and operated in one or 2 names (as a joint account). [1] 14. An Everyday Account may be opened by an individual who is an Australian resident for tax purposes and who does not open or operate the Everyday Account for business, trade, superannuation or trustee purposes. 15. ING has extended the functionality of the optional 'Everyday Round Up' feature under the Everyday Account to include the Round Up to Charity feature. 16. If activated by Account Holders (via online or mobile banking), the Round Up to Charity feature allows: 17. To process the transfer of a Round Up Amount: 18. At the time of activating the Round Up to Charity feature, Account Holders nominate, from a list of charities made available for selection by ING, a charity to which they wish to have their Round Up Amounts transferred. While Intelligent Foundation endeavours to disburse the Round Up Amounts in accordance with the nomination of each Account Holder, the charities to which the Round Up Amounts are disbursed is at the unfettered discretion of Intelligent Foundation. 19. The Round Up Amounts from which Account Holders can choose at the time of activation are to the nearest $1 or to the nearest $5. Neither ING nor Intelligent Foundation is entitled to retain any portion of the Round Up Amounts. 20. Account Holders must choose to activate the Round Up to Charity feature. Once activated, Account Holders can disable the Round Up to Charity feature at any time. 21. Account Holders are not required to pay any costs or fees in association with the Round Up to Charity feature. 22. Each of the Account Holder's quarterly bank statements will detail each Round Up to Charity transaction debited from their Everyday Account, provide an aggregate running total for the financial year to date of Round Up Amounts under the Round Up to Charity feature debited on the Account Holder's behalf, and identify Intelligent Foundation as the recipient of those Round Up Amounts. The total Round Up Amounts transferred to Intelligent Foundation on the Account Holder's behalf within an income year will be reflected in the bank statement for the quarter ended 30 June. 23. Intelligent Foundation will not be issuing receipts for Round Up Amounts transferred to it via the Round Up to Charity feature. 24. Intelligent Foundation is: Commissioner of Taxation 11 December 2024 | Deductibility of Round Up Amounts: Division 30: 25. A donor can claim a tax deduction for a gift if the requirements in section 30-15 are satisfied. The table in subsection 30-15(2) sets out the categories of recipients of deductible gifts and contributions, the types of deductible gifts or contributions that can be made to each category of recipients, how much can be deducted and special conditions that require satisfying. | Gift recipient: 26. Table item 2 of subsection 30-15(2) states that deductible gifts and contributions can be made to: 27. As recognised in paragraph 24 of this Ruling, Intelligent Foundation is a recipient covered under table item 2 of subsection 30-15(2) on the basis that it is a public ancillary fund [4] established and maintained for the sole purpose of receiving money from donors and on-paying that money to the charities, each of which should be a fund, authority or institution covered by an item in any of the tables in Subdivision 30-B (and therefore a recipient to which gifts are deductible under table item 1 of subsection 30-15(2)). | Type of gift: 28. Table item 2 of subsection 30-15(2) provides that the deductible gifts and contributions that can be made to a table item 2 recipient include gifts of money. Money can be paid in various ways, including by cash, cheque, credit card or electronically. 29. Under the Round Up to Charity feature, Account Holders will pay the Round Up Amounts (money) to Intelligent Foundation. 30. The meaning of 'gift' for the purposes of Division 30 is dealt with in Taxation Ruling TR 2005/13 Income tax: tax deductible gifts  what is a gift. The word 'gift' is not defined in the Income Tax Assessment Act 1997 and, for the purposes of Division 30, has its ordinary meaning. 31. The courts have described a gift as having the following characteristics and features: 32. The Round Up Amounts constitute a gift of money as: | Amount of gift that can be deducted: 33. Table item 2 of subsection 30-15(2) states that the amount that can be deducted for a gift of money is the amount that is given. 34. The amount given by the Account Holders in the form of Round Up Amounts under the Round Up to Charity feature for the income year will only include Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. | Special conditions: 35. Table item 2 of subsection 30-15(2) requires the following special conditions to be satisfied [6] : 36. In relation to the special condition in paragraph (a) of table item 2 of subsection 30-15(2), an Account Holder can add together a series of Round Up Amounts in an income year to work out whether the gift is $2 or more. 37. As an endorsed deductible gift recipient covered by table item 2 of subsection 30-15(2), the special conditions at paragraphs (b) and (c) of that subsection will also be satisfied. That is: 38. Subject to the Round Up Amounts of an Account Holder using the Round Up to Charity feature being $2 or more for the income year, each of the requirements in table item 2 of subsection 30-15(2) will therefore be satisfied, and the Account Holder will be able to claim a deduction under section 30-15 for the Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. 39. Where the Everyday Account from which the Round Up Amounts are transferred is jointly owned by 2 Account Holders, the extent to which those Account Holders will be able to claim a deduction under section 30-15 for the Round Up Amounts will be in proportion to their beneficial interest in the Everyday Account. 40. Unless there is evidence to the contrary, it will be presumed that each of those Account Holders have an equal beneficial interest in the Everyday Account and will therefore share the deduction in equal proportions. | Evidence of a gift: 41. In the making of an assessment under section 166 of the Income Tax Assessment Act 1936, we may disallow an amount claimed under section 30-15 as a gift of money if the taxpayer does not hold sufficient evidence that demonstrates an entitlement to the deduction claimed. 42. Deductible gift recipients are not required to issue receipts. As Intelligent Foundation will not issue receipts for Round Up Amounts transferred using the Round Up to Charity feature, Account Holders will rely on their quarterly Everyday Account bank statements as evidence of the gift. 43. Guidance in relation to the records needed to evidence a gift is provided on ato.gov.au  Keeping a record of your donation: Receipts from third parties which states: 44. The Account Holder's quarterly Everyday Account bank statements will be sufficient written evidence to substantiate a deduction being claimed under section 30-15 on the basis that: © AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).


Appendix: Deductibility of Round Up Amounts: Division 30: 25. A donor can claim a tax deduction for a gift if the requirements in section 30-15 are satisfied. The table in subsection 30-15(2) sets out the categories of recipients of deductible gifts and contributions, the types of deductible gifts or contributions that can be made to each category of recipients, how much can be deducted and special conditions that require satisfying. | Gift recipient: 26. Table item 2 of subsection 30-15(2) states that deductible gifts and contributions can be made to: 27. As recognised in paragraph 24 of this Ruling, Intelligent Foundation is a recipient covered under table item 2 of subsection 30-15(2) on the basis that it is a public ancillary fund [4] established and maintained for the sole purpose of receiving money from donors and on-paying that money to the charities, each of which should be a fund, authority or institution covered by an item in any of the tables in Subdivision 30-B (and therefore a recipient to which gifts are deductible under table item 1 of subsection 30-15(2)). | Type of gift: 28. Table item 2 of subsection 30-15(2) provides that the deductible gifts and contributions that can be made to a table item 2 recipient include gifts of money. Money can be paid in various ways, including by cash, cheque, credit card or electronically. 29. Under the Round Up to Charity feature, Account Holders will pay the Round Up Amounts (money) to Intelligent Foundation. 30. The meaning of 'gift' for the purposes of Division 30 is dealt with in Taxation Ruling TR 2005/13 Income tax: tax deductible gifts  what is a gift. The word 'gift' is not defined in the Income Tax Assessment Act 1997 and, for the purposes of Division 30, has its ordinary meaning. 31. The courts have described a gift as having the following characteristics and features: 32. The Round Up Amounts constitute a gift of money as: | Amount of gift that can be deducted: 33. Table item 2 of subsection 30-15(2) states that the amount that can be deducted for a gift of money is the amount that is given. 34. The amount given by the Account Holders in the form of Round Up Amounts under the Round Up to Charity feature for the income year will only include Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. | Special conditions: 35. Table item 2 of subsection 30-15(2) requires the following special conditions to be satisfied [6] : 36. In relation to the special condition in paragraph (a) of table item 2 of subsection 30-15(2), an Account Holder can add together a series of Round Up Amounts in an income year to work out whether the gift is $2 or more. 37. As an endorsed deductible gift recipient covered by table item 2 of subsection 30-15(2), the special conditions at paragraphs (b) and (c) of that subsection will also be satisfied. That is: 38. Subject to the Round Up Amounts of an Account Holder using the Round Up to Charity feature being $2 or more for the income year, each of the requirements in table item 2 of subsection 30-15(2) will therefore be satisfied, and the Account Holder will be able to claim a deduction under section 30-15 for the Round Up Amounts that are transferred to Intelligent Foundation from the ING Holding Account during the income year. 39. Where the Everyday Account from which the Round Up Amounts are transferred is jointly owned by 2 Account Holders, the extent to which those Account Holders will be able to claim a deduction under section 30-15 for the Round Up Amounts will be in proportion to their beneficial interest in the Everyday Account. 40. Unless there is evidence to the contrary, it will be presumed that each of those Account Holders have an equal beneficial interest in the Everyday Account and will therefore share the deduction in equal proportions. | Evidence of a gift: 41. In the making of an assessment under section 166 of the Income Tax Assessment Act 1936, we may disallow an amount claimed under section 30-15 as a gift of money if the taxpayer does not hold sufficient evidence that demonstrates an entitlement to the deduction claimed. 42. Deductible gift recipients are not required to issue receipts. As Intelligent Foundation will not issue receipts for Round Up Amounts transferred using the Round Up to Charity feature, Account Holders will rely on their quarterly Everyday Account bank statements as evidence of the gift. 43. Guidance in relation to the records needed to evidence a gift is provided on ato.gov.au  Keeping a record of your donation: Receipts from third parties which states: 44. The Account Holder's quarterly Everyday Account bank statements will be sufficient written evidence to substantiate a deduction being claimed under section 30-15 on the basis that: © AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).


What this Ruling is about | If this Ruling applies to you, and you correctly rely on it, we will apply the law to you in the way set out in this Ruling. That is, you will not pay any more tax or penalties or interest in respect of the matters covered by this Ruling. | This Ruling has been given on the basis that the entity who applied for the Ruling, and their associates, will abide by strict terms of use. Any failure to comply with the terms of use may lead to the withdrawal of this Ruling. | Potential participants must form their own view about the commercial and financial viability of the product. The Commissioner recommends a financial (or other) adviser be consulted for such information.


Related rulings: TR 2005/13
Legislative references: ITAA 1936 166 ITAA 1936 Pt IVA ITAA 1997 26-55(2) ITAA 1997 Div 30 ITAA 1997 30-15 ITAA 1997 30-15(2) ITAA 1997 30-17 ITAA 1997 Subdiv 30-B ITAA 1997 30-120 ITAA 1997 30-212 ITAA 1997 Subdiv 30-DB ITAA 1997 995-1(1) TAA 1953 426-102 Sch 1 Australian Charities and Not-for-profits Commission Act 2012
Other references: Keeping a record of your donation: Receipts from third parties