Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions  

Subdivision 30-DA - Donations to political parties and independent candidates and members  

Operative provisions

SECTION 30-243   Amount of the deduction  

30-243(1)    
If the contribution or gift is money, the amount of the deduction is the amount of money.

30-243(2)    

If the contribution or gift is property, the amount of the deduction is the lesser of:

(a) the market value of the property on the day that you made the contribution or gift; and

(b) the amount that you paid for the property.

$1,500 limit on deductions

30-243(3)    
You cannot deduct more than $1,500 under this Subdivision for an income year for contributions and gifts to political parties.

30-243(4)    
You cannot deduct more than $1,500 under this Subdivision for an income year for contributions and gifts to *independent candidates or *independent members.