Tax Laws Amendment (2004 Measures No. 1) Act 2004 (95 of 2004)

7

A *deductible gift recipient that is a fund, authority or institution covered by item 1 or 2 of this table.

A contribution of:

(a) money, if the amount is more than $250; or

(b) property that you purchased during the 12 months before making the contribution, if the lesser of:

· the market value of the property on the day you made the contribution; and

· the amount you paid for the property;

is more than $250; or

(c) property valued by the Commissioner at more than $5,000, if you did not purchase the property during the 12 months before making the contribution;

where:

(d) the contribution is not a gift; and

(e) either:

· the contribution is made in return for a right permitting you to attend, or participate in, a particular *fund-raising event in Australia; or

· the contribution is made in return for a right permitting an individual (other than you) to attend, or participate in, a particular fund-raising event in Australia.

(a) if the contribution is money - the amount of the contribution, reduced by the *GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund-raising event; or

(b) if the contribution is property that you purchased during the 12 months before making the contribution - the lesser of:

· the market value of the property on the day you made the contribution; and

· the amount you paid for the property;

reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund-raising event; or

(c) if the contribution is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the contribution - the value of the property as determined by the Commissioner, reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund-raising event.

(a) if the contribution is money - the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund-raising event must not exceed the lesser of:

· 10% of the amount of the contribution; and

· $100; and

(b) if the contribution is property that you purchased during the 12 months before making the contribution - the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund-raising event must not exceed the lesser of:

· 10% of the lesser of the market value of the property on the day you made the contribution and the amount you paid for the property; and

· $100; and

(c) if the contribution is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the contribution - the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund-raising event must not exceed $100; and

(d) if, instead of making the contribution, you had made a gift of money to the fund, authority or institution, and:

· the amount of the gift had been more than $2; and

· the gift had been made for the same purpose for which funds were to be raised by the fund-raising event;

you could have deducted the gift under item 1 or 2 of this table; and

(e) you must be an individual; and

(f) you cannot deduct more than 2 contributions in relation to the same fund-raising event; and

(g) if the property is to be valued by the Commissioner - the requirements of section 30-212 are satisfied.

8

A *deductible gift recipient that is a fund, authority or institution covered by item 1 or 2 of this table.

A contribution of money, if:

(a) the amount is more than $250; and

(b) the contribution is not a gift; and

(c) you made the contribution by way of consideration for the supply of goods or services; and

(d) you made the contribution because you were the successful bidder at an auction that:

· was a particular *fund-raising event in Australia; or

· was held at a particular fund-raising event in Australia; and

(e) the amount of the contribution exceeds the *GST inclusive market value, on the day you made the contribution, of the goods or services.

The amount of the contribution, reduced by the *GST inclusive market value, on the day you made the contribution, of the goods or services.

(a) the GST inclusive market value, on the day you made the contribution, of the goods or services must not exceed the lesser of:

· 10% of the amount of the contribution; and

· $100; and

(b) if, instead of making the contribution, you had made a gift of money to the fund, authority or institution, and:

· the amount of the gift had been more than $2; and

· the gift had been made for the same purpose for which funds were to be raised by the fund-raising event;

you could have deducted the gift under item 1 or 2 of this table; and

(c) you must be an individual.