Document ID: chunk:federal_register_of_legislation:C2025C00029:section:8:p26
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 8 (pt 26/28)
Character Range: 655356–658066

it is a fund, authority or institution or because it operates a fund, authority or institution.
Note 2: Section 426‑55 in Schedule 1 to the Taxation Administration Act 1953 deals with revocation of endorsement.
Note 3: The entity is also required to keep appropriate records: see section 382‑15 of the Taxation Administration Act 1953.

30‑130  Maintaining a gift fund
 (1) The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund):
 (a) to which gifts of money or property for that purpose are to be made; and
 (b) to which contributions described in item 7 or 8 of the table in section 30‑15 in relation to a *fund‑raising event held for that purpose are to be made; and
 (c) to which any money received by the entity because of such gifts or contributions is to be credited; and
 (d) that does not receive any other money or property.
 (2) The entity must use the gift fund only for the principal purpose of the fund, authority or institution.

Exception—only one gift fund required per entity
 (3) An entity that operates 2 or more funds, authorities or institutions also meets the requirements of this section for 2 or more of those funds, authorities or institutions by maintaining a single gift fund if:
 (a) the gift fund meets the requirements in paragraphs (1)(a), (b) and (c) in respect of each of the funds, authorities or institutions for which the gift fund is maintained; and
 (b) the gift fund does not receive any other money or property.
 (4) The entity must use a gift or contribution made to the fund and any money credited to the fund only for the principal purpose of the fund, authority or institution to which the gift, contribution or money relates.
Note: The entity is also required to keep appropriate records for each of the funds, authorities or institutions: see section 382‑15 of the Taxation Administration Act 1953.

Government entities treated like entities

30‑180  How this Subdivision applies to government entities
 (1) The other sections of this Subdivision apply in relation to a *government entity in the same way as they apply in relation to an entity.
 (2) Subparagraph 30‑125(2)(b)(i) (as applied by this section) operates as if it referred to the *government entity consisting of persons, one or more of whom controlled the fund (instead of referring to the entity legally owning the fund).

Subdivision 30‑C—Rules applying to particular gifts of property

Table of sections

Valuation requirements
30‑200 Getting written valuations
30‑205 Proceeds of the sale would have been assessable
30‑210 Approved valuers
30‑212 Valuations by the Commissioner

Working out the amount you can deduct for a gift of property