Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 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.
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