Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4
Character Range: 502072–506439

4                                  (a) the Australiana Fund; or                                                                                                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 recipient for inclusion in a collection it is maintaining or establishing; and
                                   (b) a public library in Australia; or                                                                                                                                                                                                                                                                                                            Subdivision 30‑C sets out:                                                                                                                                                                                                                                                                                                                                                                         (b) the value of the gift must be $2 or more; and
                                   (c) a public museum in Australia; or                                                                                                                                                                                                                                                                                                             (a) how a person becomes an approved valuer; and                                                                                                                                                                                                                                                                                                                                                   (ba) the institution must meet the requirements of section 30‑17, unless it is the Australiana Fund; and
                                   (d) a public art gallery in Australia; or                                                                                                                                                                                                                                                                                                        (b) the exceptions to the general rule; and                                                                                                                                                                                                                                                                                                                                                        (c) you must satisfy the valuation requirements in section 30‑200, unless section 30‑205 (about the proceeds of the sale being assessable) applies.
                                   (e) an institution in Australia consisting of a public library, a public museum and a public art gallery or any 2 of them.                                                                                                                                                                                                                       (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.