ShareGift Australia is a registered charity which provides a facility for people to sell shares and donate the proceeds to charity at no cost. It is particularly aimed at holders of small parcels of shares that may be otherwise uneconomic to sell. Proceeds of sale are donated to charity, and the donor receives a tax deduction.

ShareGift relies on brokers to execute the sales pro-bono. ASX has also agreed to rebate trading and settlement fees.

In May, on behalf of members, SDIA made application to AUSTRAC for exemption from the normal AML/CTF client identity rules that would normally apply to these transactions, in the hope that if successful, more brokers would be encouraged to join the scheme and assist this worthwhile charity in its work.

In August, SDIA received a response from Austrac advising that relief is to be granted, but that the precise details are to be the subject of further consultation.