Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p7
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 7/8)
Character Range: 679042–681639

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.
 (2) In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.
 (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.
 (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.
 (5) Unless section 30‑249A or 30‑249B applies, the election and any variation must be in the *approved form.
Note: Sections 30‑249A and 30‑249B provide for the form of elections and variations for gifts covered by those sections.

30‑249  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.
 (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.

30‑249A  Requirements—environmental property gifts
 (1) This section applies if you make an election for a gift of property made to a fund, authority or institution covered by section 30‑55.
 (2) You must give a copy of the election to the *Environment Secretary before you lodge your *income tax return for the income year in which you made the gift.
 (3) If you vary the election, you must give a copy of the variation to the *Environment Secretary before you lodge your *income tax return for the first income year to which the variation applies.
 (4) The election and any variation must be in a form approved in writing by the *Environment Secretary.

30‑249B  Requirements—heritage property gifts
 (1) This section applies if you make an election for a gift of property made to a fund, authority or institution covered by item 6 of the table in section 30‑15.
 (2) You must give a copy of the election to the *Heritage Secretary before you lodge your *income tax return for the income year in which you made the gift.
 (3) If you vary the election, you must give a copy of the variation to the *Heritage Secretary before you lodge your *income tax return for the first income year to which the variation applies.
 (4) The election and any variation must be in a form approved in writing by the *Heritage Secretary.

30‑249D  Requirements—conservation covenants