Bequests

DISCLAIMER:The following information is provided for general information and guidance and is not a substitute for professional legal, financial or taxation advice. Meteor Incorporated accepts no responsibility for any errors or omissions. Any person who intends to make a bequest to Meteor Association in their Wills should seek advice from appropriately qualified professionals.

A simple and effective way of contributing to the preservation of science fiction in Australia is to make a bequest to Meteor Incorporated in your Will.

Why Make a Will?

Making a Will ensures that your estate is distributed according to your wishes. After considering the needs of your family and friends, please also consider making a testamentary gift to Meteor Incorporated or to the Meteor Incorporated Public Fund.

A gift of money or property in your Will, no matter what its value, will help support our efforts to set up a much needed science fiction institution and research collection in Australia to nurture the talents of future generations of writers, artists (and, indeed, readers) in the fields of speculative fiction and related arts and media.

How should such a clause in your Will be worded?

Important Note: The Meteor Incorporated Public Fund has been endorsed as a deductible gift recipient (DGR) by the Australian Tax Office (ATO). The ATO has published the GiftPack (NAT 3132) that describes the tax deductible gifts that can be received by DGRs. Most, but not all, gifts to DGRs are tax deductible. The GiftPack explains who can claim deductions for gifts, how much can be claimed and what records are required.

Please consult the GiftPack and ensure that your advisors are aware of it if you intend to make a tax deductible bequest to the Meteor incorporated Public Fund. Copies of the GiftPack can be obtained by phoning the Publications Distribution Service on 1399.720.192, by writing to GPO Box 9990 in your capital city or downloading it from the ATO website at www.ato.gov.au.

On the basis of the above information and guided by information in the GiftPack, the clause in you Will should be worded differently depending on whether your testamentary gift is of money or property that is not tax deductible, money that is tax deductible, or property that is is tax deductible. Examples follow:

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If you would like to make a bequest to Meteor Incorporated that is not tax deductible, the following clause may be suitable for inclusion into your Will:

I GIVE DEVISE AND BEQUEATH to Meteor Incorporated of Unit 4, 1 Park Street, St Kilda West, Victoria 3182, free of all duties [the sum of (specify amount) and/or details of real property, shares or other assets] to be applied by it for its general purposes and I direct that the receipt of its Treasurer or other proper officer shall be full and sufficient discharge to my Executors.

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The following clause may be suitable for inclusion into your Will if you wish to make a bequest of a specific amount of money to the Meteor Incorporated Public Fund that is a tax deductible gift:

I GIVE DEVISE AND BEQUEATH to Meteor Incorporated Public Fund of Unit 4, 1 Park Street, St Kilda West, Victoria 3182, free of all duties the sum of (specify amount) to be applied by it for its general purposes and I direct that the receipt of its Treasurer or other proper officer shall be full and sufficient discharge to my Executors.

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The following clause may be suitable for inclusion into your Will if you wish to make a bequest of specific property to the Meteor Incorporated Public Fund that is a tax deductible gift:

I GIVE DEVISE AND BEQUEATH to Meteor Incorporated Public Fund of Unit 4, 1 Park Street, St Kilda West, Victoria 3182, free of all duties [details of real property, shares or other assets] to be applied by it for its general purposes and I direct that the receipt of its Treasurer or other proper officer shall be full and sufficient discharge to my Executors.

Observing the courtesies:

Please ensure that your Executors or Executrixes are aware of the GiftPack if you make a bequest to the Meteor Incorporated Public Fund that is intended to be a tax deductible gift. It would also be appreciated if you would inform Meteor Incorporated if you have made or intend to make a bequest to Meteor Incorporated or to the Meteor Incorporated Public Fund.