You can claim a deduction for a gift of property (such as land, artwork or memorabilia) to an eligible organisation if:
- you purchased the property within 12 months of making the gift, or
- you purchased the property more than 12 months before you made the gift and the Australian Valuation Office (AVO) valued it at more than $5,000.
If you purchased the property within 12 months of making the gift, the amount deductible is the market value of the property at the time of the gift or the amount you paid for the property, whichever is less. If you purchased the property more than 12 months before you made the gift and the AVO valued it at more than $5,000, the amount deductible is the value of the property as determined by the AVO.
You cannot claim a deduction for a gift of property if you did not purchase it (for example, you inherited or won the property) unless the AVO has valued it at more than $5,000.
If you have made a gift of property under the Cultural Gifts Program the rules described above do not apply to you. For more information on working out whether you can claim a deduction for a gift under this program, see Donating under the Cultural Gifts Program