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Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-5
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RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
Division 30
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Gifts or contributions
Subdivision 30-DB
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Spreading certain gift and covenant deductions over up to 5 income years
Operative provisions
SECTION 30-247 Gifts and covenants for which elections can be made 30-247(1)
An election under this Subdivision may be made for a gift, made on or after 1 July 2003, that is:
(a) a gift of:
(b) a gift that is covered by item 4, 5 or 6 of the table in section 30-15 .
30-247(2)
An election under this Subdivision may also be made for entering into a * conservation covenant, under Division 31 , on or after 1 July 2003.
View history note
Hide history noteHistory
Div 30 inserted by No 121 of 1997.
History
Subdiv 30-DB substituted for Subdivs 30-DB to 30-DE by No 101 of 2004, s 3 and Sch 3 item 57, effective 1 July 2003.
Act No 101 of 2004, s 3 and Sch 3 item 72, contains the following transitional provision:
Transitional - Division 30 of the Income Tax Assessment Act 1997
(1)
Despite the amendments, Division 30 of the Income Tax Assessment Act 1997 continues to apply, in relation to gifts made before 1 July 2003, as if those amendments had not been made.
(2)
Despite the amendments, Subdivision 30-DE of the Income Tax Assessment Act 1997 continues to apply, in relation to covenants entered into under Division 31 of that Act before 1 July 2003, as if those amendments had not been made.
Subdivs 30-DB to 30-DE formerly read:
Subdivision 30-DB - Spreading cultural gift deductions over up to 5 income years
What this Subdivision is aboutHistorySubdiv 30-DB inserted by No 58 of 2000.
30-246
This Subdivision allows you to choose to spread deductions for cultural gifts over up to 5 income years.You must give a copy of the election to the Arts Secretary.
Making an electionHistoryS 30-246 inserted by No 58 of 2000.
30-247(1)
If you can deduct an amount under this Division for a gift that is covered by item 4 or 5 of the table in section 30-15, you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-247(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-247(3)
You must make the election before you lodge your * income tax return for the income year in which you made the gift.
30-247(4)
You must give a copy of the election to the * Arts Secretary before you lodge your * income tax return for the income year in which you made the gift.
30-247(5)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return. You must give a copy of the variation to the * Arts Secretary before you lodge your * income tax return for the first income year to which the variation applies.
30-247(6)
The election and any variation must be in a form approved in writing by the * Arts Secretary.HistoryS 30-247 inserted by No 58 of 2000.
Effect of election
30-248(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
30-248(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.HistoryS 30-248 inserted by No 58 of 2000.
Subdivision 30-DC - Spreading environmental gift deductions over up to 5 income years
What this Subdivision is aboutHistorySubdiv 30-DC inserted by No 58 of 2000.
30-249
This Subdivision allows you to choose to spread deductions for environmental gifts over up to 5 income years.You must give a copy of the election to the Environment Secretary.
Making an electionHistoryS 30-249 inserted by No 58 of 2000.
30-249A(1)
If you can deduct an amount under this Division for a gift that is:
(a) to a fund, authority or institution that is set out in section 30-55 (other than a fund, authority or institution that is covered by item 6.2.13 to 6.2.21 in the table in subsection 30-55(2)); and
(b) covered by item 1 or 2 of the table in section 30-15; and
(c) of property valued by the Commissioner at more than $5,000;you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-249A(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-249A(3)
You must make the election before you lodge your * income tax return for the income year in which you made the gift.
30-249A(4)
You must give a copy of the election to the * Environment Secretary before you lodge your * income tax return for the income year in which you made the gift.
30-249A(5)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return. You must give a copy of the variation to the * Environment Secretary before you lodge your * income tax return for the first income year to which the variation applies.
30-249A(6)
The election and any variation must be in a form approved in writing by the * Environment Secretary.HistoryS 30-249A inserted by No 58 of 2000.
Effect of election
30-249B(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
30-249B(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.HistoryS 30-249B inserted by No 58 of 2000.
Subdivision 30-DD - Spreading heritage gift deductions over up to 5 income years
What this Subdivision is aboutHistorySubdiv 30-DD inserted by No 58 of 2000.
30-249C
This Subdivision allows you to choose to spread deductions for heritage gifts over up to 5 income years.You must give a copy of the election to the Heritage Secretary.
Making an electionHistoryS 30-249C inserted by No 58 of 2000.
30-249D(1)
If you can deduct an amount under this Division for a gift:
(a) that is:
(i) to a fund, authority or institution that is set out in item 6.2.13 to 6.2.21 in the table in subsection 30-55(2); and
(ii) covered by item 1 or 2 of the table in section 30-15; and
(iii) of property valued by the Commissioner at more than $5,000; or
(b) that is covered by item 6 of the table in section 30-15;you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-249D(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-249D(3)
You must make the election before you lodge your * income tax return for the income year in which you made the gift.
30-249D(4)
You must give a copy of the election to the * Heritage Secretary before you lodge your * income tax return for the income year in which you made the gift.
30-249D(5)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return. You must give a copy of the variation to the * Heritage Secretary before you lodge your * income tax return for the first income year to which the variation applies.
30-249D(6)
The election and any variation must be in a form approved in writing by the * Heritage Secretary.HistoryS 30-249D inserted by No 58 of 2000.
Effect of election
30-249E(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
30-249E(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.HistoryS 30-249E inserted by No 58 of 2000.
Subdivision 30-DE - Spreading deductions for other property gifts and conservation covenants over up to 5 income years
What this Subdivision is aboutHistorySubdiv 30-DE inserted by No 167 of 2001.
30-249F
This Subdivision allows you to choose to spread deductions for certain gifts of property, or for entering into conservation covenants, over up to 5 income years.Making an electionHistoryS 30-249F inserted by No 167 of 2001.
30-249G(1)
If you can deduct an amount:
(a) under this Division for a gift that is:
(i) made to a fund, authority or institution covered by item 1 or 2 of the table in section 30-15; and
(ii) of property valued by the Commissioner at more than $5,000; and
(iii) not a gift covered by Subdivision 30-DB, 30-DC or 30-DD; or
(b) under Division 31 for entering into a * conservation covenant;you may make a written election in the * approved form to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-249G(2)
You must make the election before you lodge your * income tax return for the income year in which you made the gift or entered into the covenant.
30-249G(3)
You must give a copy of an election for a * conservation covenant to the * Environment Secretary before you lodge your * income tax return for the income year in which you entered into the covenant.
30-249G(4)
You may vary an election at any time in the * approved form. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return.
30-249G(5)
You must give a copy of a variation for a * conservation covenant to the * Environment Secretary before you lodge your * income tax return for the first income year to which the variation applies.HistoryS 30-249G inserted by No 167 of 2001.
Effect of election
30-249H(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year in the *approved form.
30-249H(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift or the covenant in the income year in which you made the gift or entered into the covenant.HistoryS 30-249H inserted by No 167 of 2001.
SECTION 30-247 Gifts and covenants for which elections can be made 30-247(1)
An election under this Subdivision may be made for a gift, made on or after 1 July 2003, that is:
(a) a gift of:
(i) money; or
made to a fund, authority or institution covered by item 1 or 2 of the table in section 30-15 ; or
(ii) property valued by the Commissioner at more than $5,000;
(b) a gift that is covered by item 4, 5 or 6 of the table in section 30-15 .
30-247(2)
An election under this Subdivision may also be made for entering into a * conservation covenant, under Division 31 , on or after 1 July 2003.
History
S 30-247 inserted by No 101 of 2004, s 3 and Sch 3 item 57, effective 1 July 2003. For transitional provisions see note under Subdiv 30-DB heading. For former wording of former s 30-247, see note under Subdiv 30-DB heading.
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