Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 30.220

  (1)   The amount you can deduct is reduced by a reasonable amount if:

  (a)   the terms and conditions on which the gift is made are such that the recipient:

  (i)   does not receive immediate custody and control of the property; or

  (ii)   does not have the unconditional right to retain custody and control of the property in perpetuity; or

  (iii)   does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property; or

  (b)   the custody, control or use of the property by the recipient is affected by an * arrangement entered into in respect of the making of the gift.

  (2)   In deciding what is a reasonable amount, have regard to the effect of those terms and conditions, or that * arrangement, on the * GST inclusive market value of the gift.