Commonwealth of Australia Explanatory Memoranda Commonwealth of Australia Explanatory Memoranda[Index] [Search] [Download] [Bill] [Help]
1998-1999-2000
THE PARLIAMENT OF THE COMMONWEALTH
OF AUSTRALIA
THE SENATE
Taxation Laws
Amendment Bill (No. 8) 1999
Schedule of
the amendments made by the Senate in place of
amendments
nos 8, 11 to 13 and 17 disagreed to
by the House of Representatives
ISBN: 0642 435197
(1) Schedule 5, item 1, page 22 (lines 5 to 8), omit the item, substitute:
1 Before subsection 30-5(5)
Insert:
(4B) Subdivisions 30-DB, 30-DC and 30-DD allow you to spread the deduction for certain gifts over up to 5 income years.
(2) Schedule 5, page 26 (after line 20), at the end of item 16, add:
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.]
(1) If you can deduct an amount under this Division for a gift that is:
(a) to a fund, authority or institution that is set out in section 30-55 (other than a fund, authority or institution that is covered by item 6.2.13 to 6.2.21 in the table in subsection 30-55(2)); and
(b) covered by item 1 or 2 of the table in section 30-15; and
(c) of property valued by the Commissioner at more than $5,000;
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 *Environment 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 *Environment 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 *Environment Secretary.
(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.
This Subdivision allows you to choose to spread deductions for heritage gifts over up to 5 income years.
You must give a copy of the election to the Heritage Secretary.
Table of sections
Operative provisions
30-249D Making an election
30-249E Effect of election
[This is the end of the Guide.]
(1) If you can deduct an amount under this Division for a gift:
(a) that is:
(i) to a fund, authority or institution that is set out in item 6.2.13 to 6.2.21 in the table in subsection 30-55(2); and
(ii) covered by item 1 or 2 of the table in section 30-15; and
(iii) of property valued by the Commissioner at more than $5,000; or
(b) that is covered by item 6 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 *Heritage 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 *Heritage 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 *Heritage Secretary.
(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.
(3) Schedule 5, item 17, page 26 (line 23), omit “Subdivision 30-DB”, substitute “Subdivisions 30-DB, 30-DC and 30-DD”.
(4) Schedule 5, page 28 (after line 8), after item 23, insert:
23A Subsection 995-1(1)
Insert:
Environment Secretary means the Secretary of the Department that administers the Environment Protection and Biodiversity Conservation Act 1999.
(5) Schedule 5, page 28 (after line 8), after item 23, insert:
23B Subsection 995-1(1)
Insert:
Heritage Secretary means the Secretary of the Department that administers the Australian Heritage Commission Act 1975.
HARRY EVANS
Clerk of the Senate
The Senate
13 April 2000