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 30-249   Effect of election  

30-249(1)  
In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.

30-249(2)  
You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift or entered into the covenant.


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