INCOME TAX ASSESSMENT ACT 1997 - SECT 30.220 Reducing the amount you can deduct
INCOME TAX ASSESSMENT ACT 1997 - SECT 30.220
Reducing the amount you can deduct(1) 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.
(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.