Yachting Australia has registered a project with the Australian Sports Foundation Limited (ASF) with the aim of assisting high performance athletes to achieve excellence in international competition. Yachting Australia has developed performance and membership criteria that athletes are required to meet in order to be considered for assistance.
The ASF Ltd assists non-profit sporting organisations, schools, councils and community organisations to raise money for valid sport-related projects. It was established by the Australian Government in 1986 to assist sporting organisations in Australia to raise money through corporate and public donations. Since then, the Foundation has helped raise over $100 million for the benefit of sport in Australia.
The Australian Sports Foundation Ltd (ASF) is a public company (ABN 27 008 613 858) established by the Australian Government to assist organisations raise funds through public and corporate donations for the development of sport in Australia. The ASF is listed in div 30, S 30-90 of the Income Tax Assessment Act 1997 and this enables unconditional donations of $2 or over to the ASF to be tax deductible. The ASF's structure makes it possible for a donor to indicate a registered project as the preferred beneficiary of their gift. The Yachting Australia, High Performance Project, no. 980361 is registered with and conducted under the charter of the ASF and may be so nominated.
Donors wishing to donate to the ASF must complete a donation form (available from Yachting Australia). Donations may be made by cash, cheque or credit card with cheques being payable to the Australian Sports Foundation Ltd.
All ASF grants received by Yachting Australia will be applied to the High Performance project. Registered campaigns may be considered for funding where athletes have met the following criteria:
Athletes are also required to submit a full campaign budget and proof of membership of the appropriate national class association.
Funds must be applied to costs associated with the relevant world championships and/or major international event. Athletes will be required to complete an acquittal form, supported by receipts outlining relevant expenditures.
The ASF will not accept donations to a Sport Development project when a donor is a participating athlete or a person reasonably expected to be a participant in that project. This is because they would receive a tax benefit and the additional benefit of a reduction in the cost they would otherwise have to contribute to participate.
The ASF will not accept donations to a Sport Development project when a donor is an associate of a participating athlete or a person reasonably expected to be a participant in that project. Advice from the Australian Taxation Office has confirmed this.
The definition of an associate is very broad, but includes: relatives, companies in which the donor or associates have control, partners in a partnership and spouses of those partners, beneficiaries with an interest in a trust (or beneficiaries capable of benefiting under a trust), related trusts and associates of any of the above. More specifically, Section 6 of the Income Tax Assessment Act 1936 defines a ‘relative of a person’ to mean:
The above definition of an associate is not exhaustive, and is a guide only. See section 78A of the Income Tax Assessment Act 1936 for the complete definition of an associate.
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