Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 Subsection 20 - 30(1) (after table item 1.8A)
Insert:
1.8B | item 7 of the table in section 30 - 15 | contributions relating to fund - raising events |
1.8C | item 8 of the table in section 30 - 15 | contributions relating to fund - raising auctions |
2 Section 30 - 15 (at the end of the table)
Add:
7 | A * deductible gift recipient that is a fund, authority or institution covered by item 1 or 2 of this table. | A contribution of: (a) money, if the amount is more than $250; or (b) property that you purchased during the 12 months before making the contribution , if the lesser of: ï‚· the market value of the property on the day you made the contribution; and ï‚· the amount you paid for the property; is more than $250; or (c) property valued by the Commissioner at more than $5,000, if you did not purchase the propert y during the 12 months before making the contribution; where: (d) the contribution is not a gift; and (e) either: ï‚· the contribution is made in return for a right permitting you to attend, or participate in, a particular * fund - raising event in Australia; o r ï‚· the contribution is made in return for a right permitting an individual (other than you) to attend, or participate in, a particular fund - raising event in Australia. | (a) if the contribution is money--the amount of the contribution, reduced by the * GST in clusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund - raising event; or (b) if the contribution is property that you purchased during the 12 months before making the contribution--the lesser of: ï‚· th e market value of the property on the day you made the contribution; and ï‚· the amount you paid for the property; reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund - raising e vent; or (c) if the contribution is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the contribution--the value of the property as determined by the Commissioner, reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund - raising event. | (a) if the contribution is money--the GST inclusive market value, on the day you made the contribution, of the right to at tend, or participate in, the fund - raising event must not exceed the lesser of: ï‚· 10% of the amount of the contribution; and ï‚· $100; and (b) if the contribution is property that you purchased during the 12 months before making the contribution--the GST inclu sive market value, on the day you made the contribution, of the right to attend, or participate in, the fund - raising event must not exceed the lesser of: ï‚· 10% of the lesser of the market value of the property on the day you made the contribution and the a mount you paid for the property; and ï‚· $100; and (c) if the contribution is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the contribution--the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund - raising event must not exceed $100; and (d) if, instead of making the contribution, you had made a gift of money to the fund, authority or institution, and: ï‚· the amoun t of the gift had been more than $2; and ï‚· the gift had been made for the same purpose for which funds were to be raised by the fund - raising event; you could have deducted the gift under item 1 or 2 of this table; and (e) you must be an individual; and (f ) you cannot deduct more than 2 contributions in relation to the same fund - raising event; and (g) if the property is to be valued by the Commissioner--the requirements of section 30 - 212 are satisfied. |
8 | A * deductible gift recipient that is a fund, authority or institution covered by item 1 or 2 of this table. | A contribution of money, if: (a) the amount is more than $250; and (b) the contribution is not a gift; and (c) you made the contribution by way of consideration for the supply of goods or services; and (d) you made the contribution because you were the successful bidder at an auction that: ï‚· was a particular * fund - raising event in Australia; or ï‚· was held at a particular fund - raising event in Australia; and (e) the amount of the contribution exceeds the * GST inclusive market value, on the day you made the contribution, of the goods or services. | The amount of the contribution, reduced by the * GST inclusive market value, on the day you made the contribution, of the goods or services. | (a) the GST inclusive market value, on the day you made the contribution, of the goods or services must not exceed the lesser of: ï‚· 10% of the amount of the contribution; and ï‚· $100; and (b) if, instead of making the contribution, you had made a gift of money to the fund, authority or institution, and: ï‚· the amount of the gift had been more than $2; and ï‚· the gift had been made for t he same purpose for which funds were to be raised by the fund - raising event; you could have deducted the gift under item 1 or 2 of this table; and (c) you must be an individual. |
3 At the end of section 30 - 15
Add:
(4) For the purposes of item 7 of the table in subsection ( 2), in working out the * GST inclusive market value of the right in question, disregard anything that would prevent or restrict conversion of the right to money.
(5) For the purposes of item 8 of the table in subsection ( 2), in working out the * GST inclusive market value of the goods or services in question, disregard anything that would prevent or restrict conversion of the goods or services to money.
4 Paragraphs 30 - 125(4)(a) and (b)
After "gifts", insert ", or deductible contributions,".
5 After subsection 30 - 125(4)
Insert:
(4A) For the purposes of subsection ( 4), if a contribution described in item 7 or 8 of the table in section 30 - 15 is made in relation to a * fund - raising event:
(a) the contribution is a deductible contribution; and
(b) the contribution is taken to have been made for the same purpose for which funds were raised by the fund - raising event.
6 Subsection 30 - 212(1)
After "gift", insert "or contribution".
7 At the end of section 30 - 228 (after the note)
Add:
(2) If a * deductible gift recipient issues a receipt for a contribution described in item 7 of the table in section 30 - 15, the deductible gift recipient must ensure that the receipt states:
(a) the name of the deductible gift recipient; and
(b) the * ABN (if any) of the deductible gift recipient; and
(c) the fact that the receipt is for a contribution made in return for a right to attend, or participate in, a specified * fund - raising event; and
(d) if the contribution is money--the amount of the contribution; and
(e) the amount of the * GST inclusive market value, on the day the contribution was made, of the right to attend, or participate in, the fund - raising event.
(3) For the purposes of paragraph ( 2)(e), in working out the * GST inclusive market value of the right in question, disregard anything that would prevent or restrict conversion of the right to money.
(4) If a * deductible gift recipient issues a receipt for a contribution described in item 8 of the table in section 30 - 15, the deductible gift recipient must ensure that the receipt states:
(a) the name of the deductible gift recipient; and
(b) the * ABN (if any) of the deductible gift recipient; and
(c) the fact that the receipt is for a contribution made by way of consideration for the supply of goods or services; and
(d) the fact that the contribution was made because the contributor was the successful bidder at an auction that:
(i) was a specified * fund - raising event; or
(ii) was held at a specified fund - raising event; and
(e) if the contribution is money--the amount of the contribution; and
(f) the * GST inclusive market value, on the day the contribution was made, of the goods or services.
(5) For the purposes of paragraph ( 4)(f), in working out the * GST inclusive market value of the goods or services in question, disregard anything that would prevent or restrict conversion of the goods or services to money.
Note: The heading to section 30 - 228 is altered by adding at the end " or contribution ".
8 Subsection 30 - 315(2) (after table item 51)
Insert:
51AA | Fund - raising events--contributions | items 7 and 8 of the table in section 30 - 15 |
9 Subsection 995 - 1(1) ( paragraph ( b) of the definition of apportionable deductions )
Omit "item 1 or 2", substitute "item 1, 2, 7 or 8".
10 Subsection 995 - 1(1)
Insert:
"fund-raising event" has the meaning given by section 40 - 165 of the A New Tax System (Goods and Services Tax) Act 1999 , as modified by the omission of subparagraph 40 - 165(1)(b)(i) of that Act.
Income Tax Assessment Act 1936
11 Subsection 6(1) ( paragraph ( aa) of the definition of apportionable deductions )
Omit "item 1 or 2", substitute "item 1, 2, 7 or 8".
12 Paragraph 6AD(3)(c)
Omit "item 1, 2 or 3", substitute "item 1, 2, 3, 7 or 8".
Part 2 -- Application of amendments
13 Application of amendments
The amendments made by this Schedule apply in relation to contributions made on or after 1 July 2004.