INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
[ CCH Note: The Heritage conservation rebate will be converted into a grants program from 1 July 1999 - see Div 30 of ITAA '97. The new program, announced in the 1999/2000 Federal Budget and named the Cultural Heritage Projects Program, will have a total funding cap of $3.6m for 1999/2000.
The Cultural Heritage Projects Program is a program funded for six years from 1 July 1999. The program is administered by Environment Australia and is open to private owners, legally incorporated not-for-profit organisations and local government authorities.
The program supports the conservation of places of cultural significance - historic and Indigenous heritage. Only historic or Indigenous places on the Register of the National Estate, its Interim list or State heritage registers are eligible for funding. Projects that aim to identify Indigenous Heritage places for appropriate listing or conservation planning may also be supported.]
View history note
Hide history note(a) the trustee of a trust estate is issued with a final certificate that specifies an amount of eligible heritage conservation works expenditure; and
(b) the trust estate has net income for the year of income in which the trustee applied for the final certificate; and
(c) the trust estate is not a corporate unit trust (within the meaning of section 102J ), or a public trading trust (within the meaning of section 102R ) in relation to the year of income. 159US(2) [Beneficiary entitled to rebate]
If a share of the net income of the trust estate is included, under section 97 , in the assessable income of a beneficiary of the trust estate of the year of income, the beneficiary is entitled to a rebate of tax in the beneficiary's assessment for the year of income equal to:
| 20% × |
Eligible heritage
conservation works expenditure |
× |
Beneficiary's share of the net
income of the trust estate of the year of income Net income of the trust estate of the year of income |
If the trustee is liable to be assessed under section 98 in respect of a share, or shares, of the net income of the trust estate of the year of income, the trustee is entitled, in respect of each such share, to a rebate of tax in the trustee's asse ssment for the year of income equal to:
| 20% × |
Eligible heritage
conservation works expenditure |
× |
Share of the net income
of the trust estate of the year of income Net income of the trust estate of the year of income |
If the trustee is liable to be assessed under section 99 or 99A in respect of the net income, or a part of the net income, of the trust estate of the year of income, the trustee is entitled to a rebate of tax in the trustee's assessment for the yea r of income equal to:
| 20% × |
Eligible heritage
conservation works expenditure |
× |
Net income, or part of the net
income, of the trust estate of the year of income Net income of the trust estate of the year of income |
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