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-DB - Spreading certain gift and covenant deductions over up to 5 income years  

Operative provisions

SECTION 30-247   Gifts and covenants for which elections can be made  

30-247(1)  
An election under this Subdivision may be made for a gift, made on or after 1 July 2003, that is:


(a) a gift of:


(i) money; or

(ii) property valued by the Commissioner at more than $5,000;
made to a fund, authority or institution covered by item 1 or 2 of the table in section 30-15 ; or


(b) a gift that is covered by item 4, 5 or 6 of the table in section 30-15 .

30-247(2)  
An election under this Subdivision may also be made for entering into a * conservation covenant, under Division 31 , on or after 1 July 2003.


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