CHAPTER 2
-
LIABILITY RULES OF GENERAL APPLICATION
PART 2-5
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RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
Division 30
-
Gifts or contributions
History
Div 30 inserted by No 121 of 1997.
Subdivision 30-DB
-
Spreading certain gift and covenant deductions over up to 5 income years
History
Subdiv 30-DB substituted for Subdivs 30-DB to 30-DE by No 101 of 2004, s 3 and Sch 3 item 57, effective 1 July 2003.
Act No 101 of 2004, s 3 and Sch 3 item 72, contains the following transitional provision:
Transitional
-
Division 30 of the
Income Tax Assessment Act 1997
(1)
Despite the amendments, Division 30 of the Income Tax Assessment Act 1997 continues to apply, in relation to gifts made before 1 July 2003, as if those amendments had not been made.
(2)
Despite the amendments, Subdivision 30-DE of the
Income Tax Assessment Act 1997
continues to apply, in relation to covenants entered into under Division 31 of that Act before 1 July 2003, as if those amendments had not been made.
Subdivs 30-DB to 30-DE formerly read:
Subdivision 30-DB
-
Spreading cultural gift deductions over up to 5 income years
History
Subdiv 30-DB inserted by No 58 of 2000.
What this Subdivision is about
30-246
This Subdivision allows you to choose to spread deductions for cultural gifts over up to 5 income years.
You must give a copy of the election to the Arts Secretary.
History
S 30-246 inserted by No 58 of 2000.
Making an election
30-247(1)
If you can deduct an amount under this Division for a gift that is covered by item 4 or 5 of the table in section 30-15, you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-247(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-247(3)
You must make the election before you lodge your
*
income tax return for the income year in which you made the gift.
30-247(4)
You must give a copy of the election to the
*
Arts Secretary before you lodge your
*
income tax return for the income year in which you made the gift.
30-247(5)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an
*
income tax return. You must give a copy of the variation to the
*
Arts Secretary before you lodge your
*
income tax return for the first income year to which the variation applies.
30-247(6)
The election and any variation must be in a form approved in writing by the
*
Arts Secretary.
History
S 30-247 inserted by No 58 of 2000.
Effect of election
30-248(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
30-248(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.
History
S 30-248 inserted by No 58 of 2000.
Subdivision 30-DC
-
Spreading environmental gift deductions over up to 5 income years
History
Subdiv 30-DC inserted by No 58 of 2000.
What this Subdivision is about
30-249
This Subdivision allows you to choose to spread deductions for environmental gifts over up to 5 income years.
You must give a copy of the election to the Environment Secretary.
History
S 30-249 inserted by No 58 of 2000.
Making an election
30-249A(1)
If you can deduct an amount under this Division for a gift that is:
(a)
to a fund, authority or institution that is set out in section
30-55
(other than a fund, authority or institution that is covered by item 6.2.13 to 6.2.21 in the table in subsection 30-55(2)); and
(b)
covered by item 1 or 2 of the table in section 30-15; and
(c)
of property valued by the Commissioner at more than $5,000;
you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-249A(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-249A(3)
You must make the election before you lodge your
*
income tax return for the income year in which you made the gift.
30-249A(4)
You must give a copy of the election to the
*
Environment Secretary before you lodge your
*
income tax return for the income year in which you made the gift.
30-249A(5)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an
*
income tax return. You must give a copy of the variation to the
*
Environment Secretary before you lodge your
*
income tax return for the first income year to which the variation applies.
30-249A(6)
The election and any variation must be in a form approved in writing by the
*
Environment Secretary.
History
S 30-249A inserted by No 58 of 2000.
Effect of election
30-249B(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
30-249B(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.
History
S 30-249B inserted by No 58 of 2000.
Subdivision 30-DD
-
Spreading heritage gift deductions over up to 5 income years
History
Subdiv 30-DD inserted by No 58 of 2000.
What this Subdivision is about
30-249C
This Subdivision allows you to choose to spread deductions for heritage gifts over up to 5 income years.
You must give a copy of the election to the Heritage Secretary.
History
S 30-249C inserted by No 58 of 2000.
Making an election
30-249D(1)
If you can deduct an amount under this Division for a gift:
(a)
that is:
(i)
to a fund, authority or institution that is set out in item 6.2.13 to 6.2.21 in the table in subsection 30-55(2); and
(ii)
covered by item 1 or 2 of the table in section 30-15; and
(iii)
of property valued by the Commissioner at more than $5,000; or
(b)
that is covered by item 6 of the table in section 30-15;
you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-249D(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-249D(3)
You must make the election before you lodge your
*
income tax return for the income year in which you made the gift.
30-249D(4)
You must give a copy of the election to the
*
Heritage Secretary before you lodge your
*
income tax return for the income year in which you made the gift.
30-249D(5)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an
*
income tax return. You must give a copy of the variation to the
*
Heritage Secretary before you lodge your
*
income tax return for the first income year to which the variation applies.
30-249D(6)
The election and any variation must be in a form approved in writing by the
*
Heritage Secretary.
History
S 30-249D inserted by No 58 of 2000.
Effect of election
30-249E(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
30-249E(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.
History
S 30-249E inserted by No 58 of 2000.
Subdivision 30-DE
-
Spreading deductions for other property gifts and conservation covenants over up to 5 income years
History
Subdiv 30-DE inserted by No 167 of 2001.
What this Subdivision is about
30-249F
This Subdivision allows you to choose to spread deductions for certain gifts of property, or for entering into conservation covenants, over up to 5 income years.
History
S 30-249F inserted by No 167 of 2001.
Making an election
30-249G(1)
If you can deduct an amount:
(a)
under this Division for a gift that is:
(i)
made to a fund, authority or institution covered by item 1 or 2 of the table in section 30-15; and
(ii)
of property valued by the Commissioner at more than $5,000; and
(iii)
not a gift covered by Subdivision 30-DB, 30-DC or 30-DD; or
(b)
under Division 31 for entering into a
*
conservation covenant;
you may make a written election in the
*
approved form to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-249G(2)
You must make the election before you lodge your
*
income tax return for the income year in which you made the gift or entered into the covenant.
30-249G(3)
You must give a copy of an election for a
*
conservation covenant to the
*
Environment Secretary before you lodge your
*
income tax return for the income year in which you entered into the covenant.
30-249G(4)
You may vary an election at any time in the
*
approved form. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an
*
income tax return.
30-249G(5)
You must give a copy of a variation for a
*
conservation covenant to the
*
Environment Secretary before you lodge your
*
income tax return for the first income year to which the variation applies.
History
S 30-249G inserted by No 167 of 2001.
Effect of election
30-249H(1)
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year in the *approved form.
30-249H(2)
You cannot deduct the amount that you otherwise would have been able to deduct for the gift or the covenant in the income year in which you made the gift or entered into the covenant.
History
S 30-249H inserted by No 167 of 2001.
Operative provisions
SECTION 30-248
Making an election
30-248(1)
If you can deduct an amount:
(a)
under this Division for a gift covered by subsection
30-247(1)
; or
(b)
under Division
31
for entering into a
*
conservation covenant covered by subsection
30-247(2)
;
you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
30-248(2)
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
30-248(3)
You must make the election before you lodge your
*
income tax return for the income year in which you made the gift or entered into the covenant.
30-248(4)
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an
*
income tax return.
30-248(5)
Unless section
30-249A
or
30-249B
applies, the election and any variation must be in the
*
approved form.
Note:
Sections
30-249A
and
30-249B
provide for the form of elections and variations for gifts covered by those sections.
History
S 30-248(5) amended by No 64 of 2020, s 3 and Sch 3 items 74 and 75, by substituting
"
section 30-249A or 30-249B
"
for
"
section 30-249A, 30-249B or 30-249C
"
and substituting
"
Sections 30-249A and 30-249B
"
for
"
Sections 30-249A, 30-249B and 30-249C
"
in the note, effective 1 July 2020.
History
S 30-248 inserted by No 101 of 2004, s 3 and Sch 3 item 57, effective 1 July 2003. For transitional provisions see note under Subdiv 30-DB heading. For former wording of former s 30-248, see note under Subdiv 30-DB heading.
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