Income Tax Assessment Act 1997
The amount you can deduct is reduced by a reasonable amount if:
(a) the terms and conditions on which the gift is made are such that the recipient:
(i) does not receive immediate custody and control of the property; or
(ii) does not have the unconditional right to retain custody and control of the property in perpetuity; or
(iii) does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property; or
(b) the custody, control or use of the property by the recipient is affected by an * arrangement entered into in respect of the making of the gift. 30-220(2)
In deciding what is a reasonable amount, have regard to the effect of those terms and conditions, or that * arrangement, on the * GST inclusive market value of the gift.
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