Can donors apportion gift claims?
Certain gifts may be apportioned over a period of up to five income years. Donors may elect to apportion their gift deduction over a maximum of five years where the gift is: • $2 or more: money • property > $5,000: property valued by the Tax Office at more than $5,000 • cultural gifts: property under the Cultural Gifts Program, or • heritage gifts: places listed in the National Heritage List, the Commonwealth Heritage List or the Register of the National Estate. Approved forms for elections and variations vary depending on the gift and the deductible gift recipient (DGR) that receives it. The election for environmental, heritage or cultural gifts must be sent to the relevant Department before lodging the first return to which it applies. The ‘election to spread deduction for a gift’ is available in TaxPack for the following types of gifts: • $2 or more: money (cont.) • property > $5,000: property valued by the Tax Office at more than $5,000 Donors should fill in the ‘election to spread
Related Questions
- In order to encourage Gift Aid-able donations, my charity wishes to offer donors a free guide and/or send a newsletter to members. Will this violate the benefit rules thus barring Gift Aid?
- Why should donors consider making a gift to the Community Foundation rather than directly to their favorite organization?
- Can donors apportion gift claims?
