Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 1/8)
Character Range: 663910–666529

4                                             None of cases 1 to 3 applies, and the average of the written valuations you got does not fairly represent the *market value of the property on the day you made the gift  the *GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift

 (4) For the purposes of items 3 and 4 of the table in subsection (3), the *GST inclusive market values of the property in question are reduced by 1/11 if you would have been entitled to an *input tax credit if:
 (a) you had *acquired the property at the time you made the gift; and
 (b) your acquisition had been for a *creditable purpose.

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.

Joint ownership of property

30‑225  Gift of property by joint owners
  If:
 (a) you own property jointly with one or more other entities; and
 (b) you and the other entities make a gift of the property; and
 (c) you would have been able to deduct the gift under section 30‑15 because of item 4, 5 or 6 of the table in that section if you had made a gift of the property as sole owner of it;
you can deduct so much of the gift as is reasonable, having regard to your interest in the property.

Subdivision 30‑CA—Administrative requirements relating to ABNs

Guide to Subdivision 30‑CA

30‑226  What this Subdivision is about
      An entity must ensure certain details must appear on a receipt it issues for a gift that:

                (a) is made to the entity or a fund, authority or institution it operates; and
                (b) is of a kind that the giver can deduct under Subdivision 30‑A.
      If the entity has an ABN, the Australian Business Registrar must state in the Australian Business Register that the entity is a deductible gift recipient.

Table of sections

Requirements
30‑227 Entities