Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 30.5

  (1)   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.

  (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.

  (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.

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

  (4AA)   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.

  (4AB)   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.

  (4B)   Subdivision   30 - DB allows you to spread deductions for certain gifts and covenants over up to 5 income years.