Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (NO. 2) 2001 NO. 167, 2001 - SCHEDULE 8

1 Subsection 30-5(4B)

Omit "and 30-DD", substitute ", 30-DD and 30-DE".

2 After Subdivision 30-DD

Insert:

Subdivision 30-DE—Spreading deductions for other property gifts and conservation covenants over up to 5 income years
Guide to Subdivision 30-DE
30-249F What this Subdivision is about

This Subdivision allows you to choose to spread deductions for certain gifts of property, or for entering into conservation covenants, over up to 5 income years.

Table of sections

Operative provisions

30-249G Making an election
30-249H Effect of election

[This is the end of the Guide.]

Operative provisions
30-249G Making an election

(1)

If you can deduct an amount:

(a)

under this Division for a gift that is:

(i)

made to a fund, authority or institution covered by item 1 or 2 of the table in section 30-15; and

(ii)

of property valued by the Commissioner at more than $5,000; and

(iii)

not a gift covered by Subdivision 30-DB, 30-DC or 30-DD; or

(b)

under Division 31 for entering into a ^* conservation covenant;

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

(2)

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.

(3)

You must give a copy of an election for a ^* conservation covenant to the ^* Environment Secretary before you lodge your ^* income tax return for the income year in which you entered into the covenant.

(4)

You may vary an election at any time in the ^* approved form. 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.

(5)

You must give a copy of a variation for a ^* conservation covenant to the ^* Environment Secretary before you lodge your ^* income tax return for the first income year to which the variation applies.

30-249H Effect of election

(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 in the ^* approved form.

(2)

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

3 Subsection 30-315(2) (table item 112AA)

Omit "and 30-DD", substitute ", 30-DD and 30-DE".

4 Application

The amendments made by this Schedule apply to gifts made, or conservation covenants entered into, on or after 1 July 2002.