The Australian Assistant Treasurer Bill Shorten has declared the multiple tornadoes that hit Southern USA on April 28 and May 22 a disaster for tax purposes.
The most recent tornado hit the town of Joplin, Missouri, and killed at least 116 people, flattened 2,000 homes and damaged at least a quarter of the city, which is home to about 50,000 people. It was the nation's deadliest single tornado in nearly 60 years.
"In my view, the Southern USA tornado disaster fulfils the requirements to be declared a disaster for tax purposes," Shorten said.
This declaration allows Australian taxpayers to claim an income tax deduction for donations made to the relief effort.
Funds still need to apply to the Australian Taxation Office (ATO) for formal endorsement, and the ATO has established a fast track process for this purpose.
Donations to funds are tax deductible for a period of two years from April 28, 2011.
.Tags: tax | business | individual income tax | Australia | charities
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