Gifts of property valued by the ATO at more than $5,000

Introduction

Gifts to a deductible gift recipient (DGR) of property valued by the Australian Taxation Office (ATO) at more than $5,000 may be tax deductible. Testamentary gifts (gifts made under a will) are not deductible.

This fact sheet discusses:

• what is property valued by the ATO at more than $5,000
• who can receive tax deductible gifts of property
• how much you can claim as a deduction
• when you can claim a deduction
• what other income tax matters apply.

Gifts to DGRs may meet the requirements of more than one deductible gift type. You can use the gift type that is most appropriate for your gift.

For more information about the other gift types, refer to our guide Making tax deductible gifts and contributions.