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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions    View history reference

History

Div 30 inserted by No 121 of 1997.

SECTION 30-5  How to find your way around this Division  

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30-5(1)  

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You should start at Subdivision 30-A unless you are making a contribution or gift to a political party, independent candidate or member.

Note:

Subdivision 30-DA deals with the deductibility of contributions and gifts to political parties, independent candidates and members.

History

S 30-5(1) amended by No 12 of 2012, s 3 and Sch 6 items 11 - 13, by omitting " , or a testamentary gift under the Cultural Bequests Program " after " independent candidate or member " , repealing note 1, and renumbering note from note 2, effective 21 March 2012. Note 1 formerly read:

Note 1:

Subdivision 30-D deals with the deductibility of testamentary gifts under the Cultural Bequests Program.

S 30-5(1) amended by No 65 of 2006, s 3 and Sch 4 items 2 and 3, by inserting " a contribution or gift to a political party, independent candidate or member, or " and by substituting Notes 1 and 2 for the Note, applicable to contributions or gifts made on or after 22 June 2006. The Note formerly read:

Note:

Subdivision 30-D deals with the deductibility of such a gift.

30-5(2)  

Subdivision 30-A contains a table of all the gifts and contributions that you can deduct. You need to look at the table to see whether the type of gift or contribution you are making is covered by it.

30-5(3)  

In some cases, the table sends you off to Subdivision 30-B . It has a number of tables that list particular funds, authorities or institutions that deductible gifts can be made to.

30-5(4)  

In other cases, the table sends you off to Subdivision 30-C . It contains rules that apply to particular gifts of property.

30-5(4AA)  

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Subdivision 30-BA provides for the Commissioner to endorse as a deductible gift recipient an entity that is, or operates, a fund, authority or institution. The relevance of the Subdivision to you is that generally you can deduct only a gift you make to a recipient that is endorsed or named in:


(a) this Division; or


(b) regulations made for the purposes of this Division.

Note:

The fact that gifts to a recipient registered in the Australian Business Register are deductible will be shown in the Register.

History

S 30-5(4AA) inserted by No 179 of 1999.

30-5(4AB)  

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Subdivision 30-CA sets out administrative rules which do not directly affect whether you can deduct a gift you make. The rules require:


(a) a receipt issued by an entity for a gift to the entity or to a fund, authority or institution operated by the entity to show the entity ' s ABN; and


(b) the Australian Business Registrar to enter in the Australian Business Register a statement in relation to an entity entered in the Register if:


(i) gifts to the entity are deductible; or

(ii) gifts to a fund, authority or institution operated by the entity are deductible.

History

S 30-5(4AB) inserted by No 179 of 1999.

30-5(4B)  

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Subdivision 30-DB allows you to spread deductions for certain gifts and covenants over up to 5 income years.

History

S 30-5(4B) substituted by No 101 of 2004, s 3 and Sch 3 item 2, effective 1 July 2003. For transitional provisions see note under Subdiv 30-DB heading. S 30-5(4B) formerly read:


30-5(4B) Subdivisions 30-DB, 30-DC, 30-DD and 30-DE allow you to spread the deduction for certain gifts over up to 5 income years.

S 30-5(4B) amended by No 167 of 2001 and inserted by No 58 of 2000.

30-5(5)  

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Subdivision 30-E requires the establishment of a register of * environmental organisations. Subdivision 30-EA requires the establishment of a register of * harm prevention charities. Subdivision 30-F requires the establishment of a register of * cultural organisations. Their only relevance to you is that you can deduct a gift that you make to a fund listed on one of those registers.

History

S 30-5(5) amended by No 67 of 2003.

History

S 30-5 inserted by No 121 of 1997.


 



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