INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions  

Subdivision 30-C - Rules applying to particular gifts of property  

Joint ownership of property

SECTION 30-225   30-225   Gift of property by joint owners  


If:


(a) you own property jointly with one or more other entities; and


(b) you and the other entities make a gift of the property; and


(c) you would have been able to deduct the gift under section 30-15 because of item 4, 5 or 6 of the table in that section if you had made a gift of the property as sole owner of it;

you can deduct so much of the gift as is reasonable, having regard to your interest in the property.


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