Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:6_18:p1
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 6 cl 18 (pt 1/3)
Character Range: 36221–38856

18  Before Subdivision 30‑E
Insert:

Subdivision 30‑DB—Spreading cultural gift deductions over up to 5 income years

Guide to Subdivision 30‑DB

30‑246  What this Subdivision is about

      This Subdivision allows you to choose to spread deductions for cultural gifts over up to 5 income years.
      You must give a copy of the election to the Arts Secretary.

Table of sections

Operative provisions

30‑247 Making an election
30‑248 Effect of election

[This is the end of the Guide.]

Operative provisions

30‑247  Making an election

 (1) If you can deduct an amount under this Division for a gift that is covered by item 4 or 5 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 *Arts 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 *Arts 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 *Arts Secretary.

30‑248  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.

Subdivision 30‑DC—Spreading environmental gift deductions over up to 5 income years

Guide to Subdivision 30‑DC

30‑249  What this Subdivision is about

      This Subdivision allows you to choose to spread deductions for environmental gifts over up to 5 income years.
      You must give a copy of the election to the Environment Secretary.

Table of sections

Operative provisions

30‑249A Making an election
30‑249B Effect of election

[This is the end of the Guide.]

Operative provisions

30‑249A  Making an election

 (1) If you can deduct an amount under this Division for a gift that is:
 (a) to a fund, authority