Document ID: chunk:federal_register_of_legislation:C2025A00016:clause:3_302ck
Version: federal_register_of_legislation:C2025A00016
Segment Type: clause
Provision Reference: sch 3 cl 302CK
Character Range: 157353–158606

302CK  Overall gift cap and State and Territory gift cap reset if general election is held in calendar year

Overall gift cap resets
 (1) If a general election is held in a calendar year, then, in determining for the purposes of a provision of this Part whether an annual gift exceeds the overall gift cap, the following periods in the calendar year are to be treated as if they were different calendar years:
 (a) the period ending on the day that is 30 days after the writs for the general election are returned;
 (b) the period starting immediately after that period ends.

State and Territory gift cap resets
 (2) If a general election is held in a calendar year, then, in determining for the purposes of a provision of this Part whether an annual gift exceeds the State and Territory gift cap in relation to a State or Territory, the following periods in the calendar year are to be treated as if they were different calendar years:
 (a) the period ending on the day that is 30 days after the writs for the general election are returned;
 (b) the period starting immediately after that period ends.

Exception
 (3) Subsections (1) and (2) do not apply if the period mentioned in paragraph (1)(a) or (2)(a) ends after the end of the calendar year.