History
Div 30 inserted by No 121 of 1997. |
History
S 30-215(2) amended by No 176 of 1999. |
Amount you can deduct for a gift of property |
Item | In this case: | The amount you can deduct is: |
1 | Section 30-205 (which is about the proceeds of the sale being assessable) applies, and you bought the property | the amount you paid for the property, reduced by the amount of any *input tax credit to which you are or were entitled for your *acquisition of the property |
........... |
2 | Section 30-205 (which is about the proceeds of the sale being assessable) applies, and you created or produced the property | so much of the cost of creation or production as you would have been able to deduct if you had sold the property, reduced by the amount of any *input tax credit to which you are or were entitled for your *acquisitions to the extent that they were made for the purpose of creating or producing the property |
........... |
3 | Neither of cases 1 and 2 applies, and you acquired the property: | the lesser of the amount you paid for the property and: |
| (a) | less than one year before making the gift (otherwise than by inheriting it); or | (a) | if the average of the written valuations you got fairly represents the *GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift - that average; or |
| (b) | for the purpose of giving it away; or | (b) | if it does not - the *GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift |
| (c) | subject to an *arrangement that the property would be given away | | |
........... |
4 | None of cases 1 to 3 applies, and the average of the written valuations you got does not fairly represent the *market value of the property on the day you made the gift | the *GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift |
History
S 30-215(3) (table) amended by No 176 of 1999. |
History
S 30-215(4) inserted by No 176 of 1999. S 30-215 inserted by No 121 of 1997. |