Income Tax Assessment Act 1997
View history note
Hide history noteDiv 30 inserted by No 121 of 1997.
Subdiv 30-D repealed by No 12 of 2012, s 3 and Sch 1 item 17, effective 21 March 2012. Subdiv 30-D formerly read:
Subdivision 30-D - Testamentary gifts under the Cultural Bequests Program
SECTION 30-230 Testamentary gifts of property
30-230(1)
A testamentary gift of property (except an estate or interest in land or in a building or part of a building) that you make under the Cultural Bequests Program is deductible for the income year in which you die.Note:
The trustee of your estate can claim the deduction in the income tax return lodged for you that covers the period from the start of the income year to the day you die.
HistoryS 30-230(1) amended by No 97 of 2008 , s 3 and Sch 3 item 64, by substituting " income tax return " for " tax return " in the note, effective 3 October 2008.
30-230(2)
The recipient of the gift must be:
(a) The Australiana Fund; or
(b) a public library in Australia; or
(c) a public museum in Australia; or
(d) a public art gallery in Australia; or
(e) an institution in Australia consisting of a public library, a public museum and a public art gallery or any 2 of them.
30-230(2A)
When you die, one of the following requirements must be met:
(a) the recipient must be endorsed under Subdivision 30-BA as a deductible gift recipient;
(b) there must be an entity endorsed under Subdivision 30-BA as a * deductible gift recipient for the operation of the recipient institution.This subsection does not apply if the recipient is The Australiana Fund.
HistoryS 30-230(2A) inserted by No 179 of 1999.
30-230(3)
The property must be given to, and accepted by, the recipient for inclusion in a collection it is maintaining or establishing.
30-230(4)
The value of the gift must be $2 or more.
30-230(5)
When you die, there must be in force a certificate from the *Arts Minister:
(a) approving the gift; and
(b) specifying the value of the gift.HistoryS 30-230(5) amended by No 88 of 2009, s 3 and Sch 5 item 123, by substituting " *Arts Minister " for " Minister for Communications and the Arts " , effective 18 September 2009.
30-230(6)
If:
(a) you die before the last day of an income year; and
(b) section 26-55 (which is about a limit on deductions) prevents the whole or a part of the gift from being deductible in the *income tax return lodged for you for that income year;the trustee of your estate can claim the whole or part as a deduction in the trust ' s income tax return for that income year.
Note:
The trust ' s income tax return covers the period from the day you die to the end of the income year.
HistoryS 30-230(6) substituted by No 97 of 2008 , s 3 and Sch 3 item 65, effective 3 October 2008. S 30-230(6) formerly read:
30-230(6)
If:
(a) you die before the last day of an income year; and
(b) section 26-55 (which is about a limit on deductions) prevents the whole or a part of the gift from being deductible in the tax return lodged for you for that income year;the trustee of your estate can claim the whole or part as a deduction in the trust return for that income year.
Note:
The trust return covers the period from the day you die to the end of the income year.
SECTION 30-235 Getting a certificateHistoryS 30-230 inserted by No 121 of 1997.
30-235(1)
You get a certificate by making a written application for one to the *Arts Minister.HistoryS 30-235(1) amended by No 88 of 2009, s 3 and Sch 5 item 123, by substituting " *Arts Minister " for " Minister for Communications and the Arts " , effective 18 September 2009.
30-235(2)
The Minister must decide your application in accordance with written guidelines made by the Minister under this section.[ CCH Note: The Minister published " Cultural Bequests Program Guidelines (No 1) 1997 " in Gazette GN 1, 7 January 1998.]
30-235(3)
The guidelines may require the Minister to decide an application having regard to:
(a) specified criteria; or
(b) recommendations of particular bodies.
30-235(4)
If the Minister approves your gift, he or she must give you a certificate:
(a) approving the gift; and
(b) specifying the value of the gift; and
(c) setting out any other information that the Commissioner requires.
SECTION 30-240 Limit on total value of gifts for an income yearHistoryS 30-235 inserted by No 121 of 1997.
30-240
The total value of all gifts approved by the *Arts Minister for an income year cannot exceed an amount that the Minister determines in writing. The Minister must determine this amount before approving any gifts for that income year.[ CCH Note: The maximum approval amount for each of the 1997/98, 1998/99 and 1999/2000 financial years is $5m ( Gazette No GN 1, 7 January 1998). The three year trial of this program ended on 30 June 2000.]
HistoryS 30-240 amended by No 88 of 2009, s 3 and Sch 5 item 124, by substituting " *Arts Minister " for " Minister for Communications and the Arts " , effective 18 September 2009.
S 30-240 inserted by No 121 of 1997.
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