Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_5
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 99925–103291

5                                  The Commonwealth (for the purposes of Artbank).                                                                             A gift of property (except an estate or interest in land or in a building or part of a building).                                                                                      The general rule is that you can deduct the average of the market values specified in the written valuations you get from approved valuers.                                                            (a) the property must be accepted by the Commonwealth for inclusion in a collection maintained, or being established, for the purposes of Artbank; and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (b) you must satisfy the valuation requirements in section 30-200, unless section 30-205 (about the sale price being assessable) applies.
                                                                                                                                                                                                                                                                                                                                                      Subdivision 30-C sets out:
                                                                                                                                                                                                                                                                                                                                                      (a) how a person becomes an approved valuer; and
                                                                                                                                                                                                                                                                                                                                                      (b) the exceptions to the general rule; and
                                                                                                                                                                                                                                                                                                                                                      (c) the situations when the amount you can deduct is reduced.

                                                                                                                                                                                                                                                                                                                                                      If the property is jointly owned, see section 30-225 to work out how much of the gift you can deduct.