• Election to spread gift deduction

    Attention

    Before completing this form, make sure you understand about the election or variation you are making.

    End of attention

    Get it done

    You can download this form in Portable Document Format (PDF) – download Election to spread gift deductionThis link will download a file (NAT 73763, PDF, 625KB)

    End of get it done

    If you cannot download the form, call us on 1300 130 248 to have a paper copy posted to you.

    Danger

    Do not use this form to spread tax deductions for environmental giftsExternal Link, cultural gifts or heritage gifts. Different forms are used for these types of gifts.

    End of danger

    About the election and variation

    You can use the Election to spread gift deduction form to make a written election to spread the tax deduction for a gift of money of $2 or more, or property valued by us at more than $5,000. The election can spread the tax deduction over up to five income years.

    The election must:

    • be made before lodging the income tax return for the year in which the gift was made
    • start in the year in which the gift was made and continue for up to four of the years immediately following
    • contain the percentage to be claimed in each year. The percentage for each year does not need to be the same, but the total percentage over the years cannot exceed 100%.

    You can also use this form to make a written variation to a previous election. The variation:

    • must be made before lodging the first tax return to which the variation applies
    • can only be made to any percentages to be claimed in tax returns that have not yet been lodged. The total percentage over the years cannot exceed 100%.

    Example

    In 2014-15, Rochelle donates a vehicle to a deductible gift recipient. The vehicle is valued by the Commissioner of Taxation at $30,000. Rochelle decides to spread the deduction over the five income years available for the apportionment. The first income year in which she can claim a portion of the deduction is 2014-15. Rochelle decides to apportion her deduction for the donation of the vehicle as follows:

    2015

    2016

    2017

    2018

    2019

    10%

    30%

    20%

    20%

    20%

    She makes a written record of the election by completing the form Election to spread gift deduction before lodging her 2014-15 tax return.

    In August 2017, Rochelle decides to vary the percentages of the deduction for the last two income years:

    2018

    2019

    35%

    5%

    Before she lodges her 2017-18 tax return, she makes a written variation to the percentages by completing another Election to spread gift deduction form.

    End of example

    Find out more

    Tax-deductible gifts, including ATO valuation of property, refer to Gifts and fundraising.

    End of find out more
    Last modified: 13 Apr 2015QC 24381