INCOME TAX ASSESSMENT ACT 1997
|CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION
|PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
Div 30 inserted by No 121 of 1997.
Subdiv 30-BA inserted by No 179 of 1999.
Endorsement as a deductible gift recipient
The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund):
(a) to which gifts of money or property for that purpose are to be made; and
(b) to which contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose are to be made; and
(c) to which any money received by the entity because of such gifts or contributions is to be credited; and
(d) that does not receive any other money or property.
The entity must use the gift fund only for the principal purpose of the fund, authority or institution.
Exception - only one gift fund required per entity
An entity that operates 2 or more funds, authorities or institutions also meets the requirements of this section for 2 or more of those funds, authorities or institutions by maintaining a single gift fund if:
(a) the gift fund meets the requirements in paragraphs (1)(a), (b) and (c) in respect of each of the funds, authorities or institutions for which the gift fund is maintained; and
(b) the gift fund does not receive any other money or property.
S 30-130(3) inserted by No 55 of 2007, s 3 and Sch 3 item 7, effective 12 April 2007.
The entity must use a gift or contribution made to the fund and any money credited to the fund only for the principal purpose of the fund, authority or institution to which the gift, contribution or money relates.
The entity is also required to keep appropriate records for each of the funds, authorities or institutions: see section 382-15 of the Taxation Administration Act 1953.
S 30-130(4) inserted by No 55 of 2007, s 3 and Sch 3 item 7, effective 12 April 2007.
S 30-130 inserted by No 58 of 2006, s 3 and Sch 7 item 185, effective 1 July 2004.
S 30-130 repealed by No 95 of 2004, s 3 and Sch 10 item 32, effective 1 July 2005. No 95 of 2004, s 3 and Sch 10 item 45 contains the following transitional provision:
SECTION 45 Transitional - acts or things done before commencement under repealed endorsement provisions
(2) This item applies to an act or thing if:
(a) the act or thing was done before 1 July 2005; and
(b) the act or thing was done under, or for the purposes of, a repealed provision.
(3) The act or thing has effect, after 1 July 2005, as if it had been done under, or for the purposes of, the corresponding provision of the Taxation Administration Act 1953 (as in force on and after 1 July 2005).
S 30-130 formerly read:
Applying for endorsement
30-130(1) An entity may apply to the Commissioner for endorsement.
30-130(2) The application:
(a) must be in a form approved by the Commissioner; and
(b) must be signed for the entity, or include the entity's *electronic signature if the application is *lodged electronically; and
(c) must be lodged at, or posted to, an office or facility designated by the Commissioner as a receiving centre for applications of that kind; and
(d) may be lodged electronically.
Note: The Commissioner could approve a form that is part of an application form for an ABN.
S 30-130 inserted by No 179 of 1999.