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Taxation Determination

TD 93/28

Income tax: can a company claim an income tax deduction for gifts of property (other than money or an estate or interest in land or in a building or part of a building) made under the Taxation Incentives for the Arts Scheme?

  • Please note that the PDF version is the authorised version of this ruling.

FOI status:

may be releasedFOI number: I 1214157

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).

1. Yes. The provisions of paragraph 78(1)(aa) of the Income Tax Assessment Act 1936 are not limited to gifts of property made by natural persons. Accordingly, a company may claim a deduction under that paragraph for gifts of property (other than money or an estate or interest in land or in a building or part of a building) made to the Australiana Fund, a public art gallery, public museum or public library under the Taxation Incentives for the Arts Scheme.

Commissioner of Taxation
18/2/93

Previously issued as Draft TD 93/D121

References

ATO references:
NO CAN AC752 pt1

ISSN 1038 - 8982

Subject References:
company;
donation;
gift;
Taxation Incentives for the Arts Scheme

Legislative References:
ITAA 78(1)(aa)


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