Document ID: chunk:federal_register_of_legislation:C2025A00016:clause:1_287aab:p1
Version: federal_register_of_legislation:C2025A00016
Segment Type: clause
Provision Reference: sch 1 cl 287AAB (pt 1/4)
Character Range: 24341–26866

287AAB  Meaning of gift
 (1) A gift means any disposition of property made by a person or entity to another person or entity, being a disposition made without consideration in money or money's worth or with inadequate consideration, and includes the provision of a service for no consideration or for inadequate consideration.
Note: For disposition of property, see subsection 287(1).
 (2) In addition, a gift includes the following:
 (a) an amount paid by a person as a contribution, entry fee or other payment to attend, or otherwise obtain a benefit from, a fundraising venture or function that forms part of the net proceeds of the venture or function (see also section 302CH);
 (b) uncharged interest on a loan to a person or entity, being the additional amount that would have been payable by the person or entity if:
 (i) the loan had been made on terms requiring the payment of interest at a commercial interest rate; and
 (ii) any interest payable had not been waived; and
 (iii) any interest payments were not capitalised.
 (3) Subject to subsection (4), a gift does not include the following:
 (a) a subscription paid to a political party, to a State branch of a political party or to a division of a State branch of a political party by a person or entity in respect of the person or entity's membership of the party, branch or division;
 (b) a subscription paid to an associated entity by a person or entity in respect of the person or entity's membership of the associated entity;
 (c) an amount paid to a political party, to a State branch of a political party or to a division of a State branch of a political party by a person or entity in respect of the person or entity's affiliation with the party, branch or division;
 (d) an amount paid to an associated entity by a person or entity in respect of the person or entity's affiliation with the associated entity;
 (e) an amount paid by a political party to another political party, if:
 (i) the parties are related to each other within the meaning of paragraph 123(2)(a) because one party is a part of the other (while not being a State branch of the other); and
 (ii) the other is a federal branch;
 (f) an annual levy paid to a registered political party or a State branch of a political party by:
 (i) a person elected as a member of the House of Representatives or as a Senator; or
 (ii) a member of staff of a person elected as a member of the House of Representatives or as a Senator; or
 (iii) an employee or elected official of the political party;