Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:6_18:p2
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 6 cl 18 (pt 2/3)
Character Range: 38625–41200

Making an election
30‑249B Effect of election

[This is the end of the Guide.]

Operative provisions

30‑249A  Making an election

 (1) If you can deduct an amount under this Division for a gift that is:
 (a) to a fund, authority or institution that is set out in section 30‑55 (other than a fund, authority or institution that is covered by item 6.2.13 to 6.2.21 in the table in subsection 30‑55(2)); and
 (b) covered by item 1 or 2 of the table in section 30‑15; and
 (c) of property valued by the Commissioner at more than $5,000;
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.

 (4) 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.

 (5) 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. 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.

 (6) The election and any variation must be in a form approved in writing by the *Environment Secretary.

30‑249B  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.

Subdivision 30‑DD—Spreading heritage gift deductions over up to 5 income years

Guide to Subdivision 30‑DD

30‑249C  What this Subdivision is about

      This Subdivision allows you to choose to spread deductions for heritage gifts over up to 5 income years.
      You must give a copy of the election to the Heritage Secretary.

Table of sections

Operative provisions

30‑249D Making an election
30‑249E Effect of election

[This is the end of the Guide.]

Operative provisions

30‑249D  Making an election

 (1) If you can deduct an amount under this Division for a gift:
 (a) that is:
 (i) to a fund, authority or institution that is set out in item 6.2.13 to 6.2.21 in