Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_6:p9
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 9/10)
Character Range: 137951–140714

2 of them               none

 (2) This table sets out specific cultural recipients.

Cultural organisations—Specific
Item                             Fund, authority or institution  Special conditions
12.2.1                           The Australiana Fund            none

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

Table of sections

Valuation requirements

30-200 Getting written valuations
30-205 Sale price would have been assessable
30-210 Approved valuers

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

30-215 How much you can deduct
30-220 Reducing the amount you can deduct

Joint ownership of property

30-225 Gift of property by joint owners

Valuation requirements

30-200  Getting written valuations

 (1) You satisfy the valuation requirements if you get 2 or more written valuations of the gift you made.

Note 1: In most cases, you need to get these written valuations to be able to deduct a gift of property that you make to a recipient covered by
item 4, 5 or 6 of the table in section 30-15.

Note 2: You do not need to get written valuations in the circumstances set out in section 30-205.

 (2) The valuations must be by different individuals, each of whom is an approved valuer of the kind of property you are giving away.

Note: Section 30-210 deals with how an individual becomes an approved valuer.

 (3) Each valuation must state the amount that, in the opinion of the valuer, was:
 (a) the market value of the property on the day you made the gift; or
 (b) the market value of the property on the day the valuation was made.

 (4) If a valuation states the market value of the property on the day the valuation was made, it must have been made within 90 days before or after the gift was made. However, the Commissioner may allow a longer period than this.

30-205  Sale price would have been assessable

  You do not need to get written valuations of the gift you made if:
 (a) no amount is included in your assessable income in respect of the gift you made; but
 (b) an amount would have been included in your assessable income if you had sold the property instead of making the gift.

30-210  Approved valuers

 (1) The Secretary to the Department of Communications and the Arts may approve an individual as a valuer of a particular kind of property. The approval must be in writing, signed by the Secretary.

 (2) The Secretary must, in deciding whether to approve an individual, have regard to:
 (a) the individual's qualifications, experience and knowledge in valuing that kind of property; and
 (b) the individual's knowledge of the current market value of that kind of property; and
 (c) the individual's standing in the professional community.

Working out the amount you can deduct