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 30-248   Making an election  

30-248(1)  
If you can deduct an amount:


(a) under this Division for a gift covered by subsection 30-247(1) ; or


(b) under Division 31 for entering into a * conservation covenant covered by subsection 30-247(2) ;

you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.

30-248(2)  
In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.

30-248(3)  
You must make the election before you lodge your * income tax return for the income year in which you made the gift or entered into the covenant.

30-248(4)  
You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return.

30-248(5)  
Unless section 30-249A , 30-249B or 30-249C applies, the election and any variation must be in the * approved form.

Note:

Sections 30-249A , 30-249B and 30-249C provide for the form of elections and variations for gifts covered by those sections.


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