INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
[ CCH Note: The Heritage conservation rebate will be converted into a grants program from 1 July 1999 - see Div 30 of ITAA '97. The new program, announced in the 1999/2000 Federal Budget and named the Cultural Heritage Projects Program, will have a total funding cap of $3.6m for 1999/2000.
The Cultural Heritage Projects Program is a program funded for six years from 1 July 1999. The program is administered by Environment Australia and is open to private owners, legally incorporated not-for-profit organisations and local government authorities.
The program supports the conservation of places of cultural significance - historic and Indigenous heritage. Only historic or Indigenous places on the Register of the National Estate, its Interim list or State heritage registers are eligible for funding. Projects that aim to identify Indigenous Heritage places for appropriate listing or conservation planning may also be supported.]
View history note
Hide history note(a) while a provisional certificate is in force, expenditure is incurred by a taxpayer in carrying out heritage conservation works that are covered by the certificate; and
(b) apart from this subsection, a deduction or deductions would be allowable from the taxpayer's assessable income of one or more years of income in relation to that expenditure;
the deduction is, or the deductions are, only allowable in respect of so much of the expenditure as exceeds the greater of nil and the amount worked out using the formula:
|
Qualifying expenditure limit
specified in the provisional certificate |
− |
Total expenditure previously
incurred by the taxpayer in relation to the works while the certificate was in force |
If a provisional certificate ceases to be in force and either:
(a) the taxpayer did not apply for a final certificate in respect of the works while the certificate was in force; or
(b) the Minister notifies the taxpayer that the Minister refuses to issue a final certificate and:
(i) the time for making an application under section 159UV for review of the refusal decision has expired without an application being made; or
(ii) an application under section 159UV for review of the refusal decision has been made and the Tribunal has dismissed the application or affirmed the Minister's decision;
then:
(c) a deduction, equal to the total amount of deductions not allowed because of subsection (1) for the year of income in which the provisional certificate ceases to be in force, and all prior years of income, is allowable from the taxpayer's assessabl e income of the year of income in which the provisional certificate ceases to be in force; and
(d) the amount of any deduction not allowable because of subsection (1) that would have been allowable for a later year of income is allowable for that later year of income.
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