Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:6_18:p3
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 6 cl 18 (pt 3/3)
Character Range: 40976–42784

Guide.]

Operative provisions

30‑249D  Making an election

 (1) If you can deduct an amount under this Division for a gift:
 (a) that is:
 (i) to a fund, authority or institution that is set out in item 6.2.13 to 6.2.21 in the table in subsection 30‑55(2); and
 (ii) covered by item 1 or 2 of the table in section 30‑15; and
 (iii) of property valued by the Commissioner at more than $5,000; or
 (b) that is covered by item 6 of the table in section 30‑15;
you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years.

 (2) In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years.

 (3) You must make the election before you lodge your *income tax return for the income year in which you made the gift.

 (4) You must give a copy of the election to the *Heritage Secretary before you lodge your *income tax return for the income year in which you made the gift.

 (5) You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an *income tax return. You must give a copy of the variation to the *Heritage Secretary before you lodge your *income tax return for the first income year to which the variation applies.

 (6) The election and any variation must be in a form approved in writing by the *Heritage Secretary.

30‑249E  Effect of election

 (1) In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year.

 (2) You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift.