Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
2 Subsection 30 - 5(4B)
Repeal the subsection, substitute:
(4B) Subdivision 30 - DB allows you to spread deductions for certain gifts and covenants over up to 5 income years.
57 Subdivisions 30 - DB to 30 - DE
Repeal the Subdivisions, substitute:
Subdivision 30 - DB -- Spreading certain gift and covenant deductions over up to 5 income years
30 - 246 What this Subdivision is about
This Subdivision allows you to elect to spread deductions for certain gifts and covenants over up to 5 income years. There are some different requirements for environmental, heritage and cultural property gifts and conservation covenants.
Table of sections
Operative provisions
30 - 247 Gifts and covenants for which elections can be made
30 - 248 Making an election
30 - 249 Effect of election
30 - 249A Requirements--environmental property gifts
30 - 249B Requirements--heritage property gifts
30 - 249C Requirements--certain cultural property gifts
30 - 249D Requirements--conservation covenants
[This is the end of the Guide.]
30 - 247 Gifts and covenants for which elections can be made
(1) An election under this Subdivision may be made for a gift, made on or after 1 July 2003, that is:
(a) a gift of:
(i) money; or
(ii) property valued by the Commissioner at more than $5,000;
made to a fund, authority or institution covered by item 1 or 2 of the table in section 30 - 15; or
(b) a gift that is covered by item 4, 5 or 6 of the table in section 30 - 15.
(2) An election under this Subdivision may also be made for entering into a * conservation covenant, under Division 31, on or after 1 July 2003.
(1) If you can deduct an amount:
(a) under this Division for a gift covered by subsection 30 - 247(1); or
(b) under Division 31 for entering into a * conservation covenant covered by subsection 30 - 247(2);
you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.
(2) In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
(3) You must make the election before you lodge your * income tax return for the income year in which you made the gift or entered into the covenant.
(4) You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return.
(5) Unless section 30 - 249A, 30 - 249B or 30 - 249C applies, the election and any variation must be in the * approved form.
Note: Sections 30 - 249A, 30 - 249B and 30 - 249C provide for the form of elections and variations for gifts covered by those sections.
(1) In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.
(2) You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift or entered into the covenant.
30 - 249A Requirements--environmental property gifts
(1) This section applies if you make an election for a gift of property made to a fund, authority or institution covered by section 30-55.
(2) You must give a copy of the election to the * Environment Secretary before you lodge your * income tax return for the income year in which you made the gift.
(3) If you vary the election, you must give a copy of the variation to the * Environment Secretary before you lodge your * income tax return for the first income year to which the variation applies.
(4) The election and any variation must be in a form approved in writing by the * Environment Secretary.
30 - 249B Requirements--heritage property gifts
(1) This section applies if you make an election for a gift of property made to a fund, authority or institution covered by item 6 of the table in section 30-15.
(2) You must give a copy of the election to the * Heritage Secretary before you lodge your * income tax return for the income year in which you made the gift.
(3) If you vary the election, you must give a copy of the variation to the * Heritage Secretary before you lodge your * income tax return for the first income year to which the variation applies.
(4) The election and any variation must be in a form approved in writing by the * Heritage Secretary.
30 - 249C Requirements--certain cultural property gifts
(1) This section applies if you make an election for a gift covered by item 4 or 5 of the table in section 30 - 15.
(2) You must give a copy of the election to the * Arts Secretary before you lodge your * income tax return for the income year in which you made the gift.
(3) If you vary the election, you must give a copy of the variation to the * Arts Secretary before you lodge your * income tax return for the first income year to which the variation applies.
(4) The election and any variation must be in a form approved in writing by the * Arts Secretary.
30 - 249D Requirements--conservation covenants
(1) This section applies if you make an election for a * conservation covenant.
(2) You must give a copy of the election to the * Environment Secretary before you lodge your * income tax return for the income year in which you entered the covenant.
(3) If you vary the election, you must give a copy of the variation to the * Environment Secretary before you lodge your * income tax return for the first income year to which the variation applies.
61 Subsection 30 - 315(2) (cell at table item 112AA, column headed "Provision")
Repeal the cell, substitute:
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| Subdivision 30 - DB |
63 Subsection 31 - 5(3) (note)
Omit "30 - DE", substitute "30 - DB".
72 Transitional--Division 30 of the Income Tax Assessment Act 1997
(1) Despite the amendments made by this Schedule, Division 30 of the Income Tax Assessment Act 1997 continues to apply, in relation to gifts made before 1 July 2003, as if those amendments had not been made.
(2) Despite the amendments made by this Schedule, Subdivision 30DE of the Income Tax Assessment Act 1997 continues to apply, in relation to covenants entered into under Division 31 of that Act before 1 July 2003, as if those amendments had not been made.