Commonwealth legislation

Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

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Commonwealth

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legislative instrument

Plain English Summary

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This legal instrument sets the annual spending caps for tax deductions under the Cultural Bequests Program — a scheme that encourages Australians to leave valuable artworks, historical items, or cultural artefacts to public museums and galleries in their wills.

Under this program, when someone bequeaths (leaves via a will) a significant cultural item to a public institution, their estate can claim a tax deduction. This Determination limits how much the government will approve in total for these tax concessions each financial year:

1995-96 and 1996-97: Maximum of $1,000 per year
1997-98 through 1999-2000: Maximum of $5,000,000 per year

The instrument also replaces an earlier 1996 version that set the previous limits.

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Current sections

Direct links to the current provisions in Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997.

Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997

Commonwealth of Australia

Income Tax Assessment Act 1997

Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997

I, RICHARD KENNETH ROBERT ALSTON, Minister for Communications, the Information Economy and the Arts, make the following Determination under section 30-240 of the Income Tax Assessment Act 1997.

Dated 8 December 1997.

Minister for Communications, the Information Economy and the Arts

_______________

Citation

This Determination may be cited as the Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997.

[NOTE: This Determination commences on gazettal: see Acts Interpretation Act 1901, ss.46A and 48.] [See Gazette GN 1, 7 January 1998.]

Interpretation

In this determination unless the contrary intention appears:

“Act” means the Income Tax Assessment Act 1997.

Maximum approval amounts

(1) For the purposes of section 30-240 of the Act, the maximum approval amount for each of the 1995-96 and 1996-97 financial years is $1000.

(2) For the purposes of section 30-240 of the Act, the maximum approval amount for each of the 1997-98, 1998-99 and 1999-2000 financial years is $5,000,000.

Revocation of Determination

The Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) dated 29 January 1996 is repealed.

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Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997

Commonwealth of Australia

Income Tax Assessment Act 1997

Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997

I, RICHARD KENNETH ROBERT ALSTON, Minister for Communications, the Information Economy and the Arts, make the following Determination under section 30-240 of the Income Tax Assessment Act 1997.

Dated 8 December 1997.

Minister for Communications, the Information Economy and the Arts

_______________

Citation

This Determination may be cited as the Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) 1997.

[NOTE: This Determination commences on gazettal: see Acts Interpretation Act 1901, ss.46A and 48.] [See Gazette GN 1, 7 January 1998.]

Interpretation

In this determination unless the contrary intention appears:

“Act” means the Income Tax Assessment Act 1997.

Maximum approval amounts

(1) For the purposes of section 30-240 of the Act, the maximum approval amount for each of the 1995-96 and 1996-97 financial years is $1000.

(2) For the purposes of section 30-240 of the Act, the maximum approval amount for each of the 1997-98, 1998-99 and 1999-2000 financial years is $5,000,000.

Revocation of Determination

The Cultural Bequests Program (Maximum Approval Amounts) Determination (No. 1) dated 29 January 1996 is repealed.

_____________________________________________________________________