Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-5
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RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
Division 30
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Gifts or contributions
You do not need to get written valuations of the gift you made if:
(a) no amount is included in your assessable income in respect of the gift you made; but
(b) an amount would have been included in your assessable income if you had sold the property instead of making the gift. 30-205(2)
However, this section does not apply if, apart from the operation of subsection 118-60(2) , an amount would have been included in your assessable income in respect of the gift you made.
Subdivision 30-C
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Rules applying to particular gifts of property
Valuation requirements
SECTION 30-205
Proceeds of the sale would have been assessable
30-205(1)
You do not need to get written valuations of the gift you made if:
(a) no amount is included in your assessable income in respect of the gift you made; but
(b) an amount would have been included in your assessable income if you had sold the property instead of making the gift. 30-205(2)
However, this section does not apply if, apart from the operation of subsection 118-60(2) , an amount would have been included in your assessable income in respect of the gift you made.
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