Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5
Character Range: 506439–510001

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 *GST inclusive market values (as reduced under subsection (3) if that subsection applies) 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
                                                                                                                                                                                                                                                                                                                                                                                    Subdivision 30‑C sets out:                                                                                                                                                                                                                                                                                                                                                                         (b) you must satisfy the valuation requirements in section 30‑200, unless section 30‑205 (about the proceeds of the sale being assessable) applies.
                                                                                                                                                                                                                                                                                                                                                                                    (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.