Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_4:p1
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 1/21)
Character Range: 143223–145764

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 market value of the property on the day you made the gift

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 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-D—Testamentary gifts under the Cultural Bequests Program

Table of sections

30-230 Testamentary gifts of property
30-235 Getting a certificate
30-240 Limit on total value of gifts for an income year

30-230  Testamentary gifts of property

 (1) A testamentary gift of property (except an estate or interest in land or in a building or part of a building) that you make under the Cultural Bequests Program is deductible for the income year in which you die.

Note: The trustee of your estate can claim the deduction in the tax return lodged for you that covers the period from the start of the income year to the day you die.

 (2) The recipient of the gift must be:
 (a) The Australiana Fund; or
 (b) a public library in Australia; or
 (c) a public museum in Australia; or
 (d) a public art gallery in Australia; or
 (e) an institution in Australia consisting of a public library, a public museum and a public art gallery or any 2 of them.

 (3) The