30‑215 How much you can deduct30‑215 How much you can deduct

#### 30‑215 How much you can deduct (1) This section contains the rules for working out how much you can deduct for a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30‑15. (2) The general rule is that the amount you can deduct for a gift of this kind is the average of the \*GST inclusive market values (as reduced under subsection 30‑15(3) if that subsection applies) specified in the written valuations you got from the approved valuers. > Note: In some situations you must reduce the amount you can deduct: see section 30‑220. (3) The exceptions to the general rule are set out in this table: ```html <table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.7pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Amount you can deduct for a gift of property</span></p></td></tr><tr><td style="width:23.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:146.1pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">In this case:</span></p></td><td style="width:152.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">The amount you can deduct is:</span></p></td></tr></thead><tbody><tr><td style="width:23.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:146.1pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>Section</span><span> </span><span>30</span><span>‑</span><span>205 (which is about the proceeds of the sale being assessable) applies, and you bought the property</span></p></td><td style="width:152.3pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>the amount you paid for the property, reduced by the amount of any </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>input tax credit to which you are or were entitled for your </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>acquisition of the property</span></p></td></tr><tr><td style="width:23.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:146.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>Section</span><span> </span><span>30</span><span>‑</span><span>205 (which is about the proceeds of the sale being assessable) applies, and you created or produced the property</span></p></td><td style="width:152.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>so much of the cost of creation or production as you would have been able to deduct if you had sold the property, reduced by the amount of any </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>input tax credit to which you are or were entitled for your </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>acquisitions to the extent that they were made for the purpose of creating or producing the property</span></p></td></tr><tr><td style="width:23.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:146.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>Neither of cases 1 and 2 applies, and you acquired the property:</span></p><p class="Tablea"><span>(a) less than one year before making the gift (otherwise than by inheriting it); or</span></p><p class="Tablea"><span>(b) for the purpose of giving it away; or</span></p><p class="Tablea"><span>(c) subject to an </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>arrangement that the property would be given away</span></p></td><td style="width:152.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>the lesser of the amount you paid for the property and:</span></p><p class="Tablea"><span>(a) if the average of the written valuations you got fairly represents the </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>GST inclusive market value (as reduced under subsection</span><span> </span><span>(4) if that subsection applies) of the property on the day you made the gift—that average; or</span></p><p class="Tablea"><span>(b) if it does not—the </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>GST inclusive market value (as reduced under subsection</span><span> </span><span>(4) if that subsection applies) of the property on the day you made the gift</span></p></td></tr><tr><td style="width:23.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:146.1pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>None of cases 1 to 3 applies, and the average of the written valuations you got does </span><span style="font-style:italic">not</span><span> fairly represent the </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>market value of the property on the day you made the gift</span></p></td><td style="width:152.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="Tabletext"><span>the </span><span style="font-size:8pt; vertical-align:3pt">*</span><span>GST inclusive market value (as reduced under subsection</span><span> </span><span>(4) if that subsection applies) of the property on the day you made the gift</span></p></td></tr></tbody></table> ``` (4) For the purposes of items 3 and 4 of the table in subsection (3), the \*GST inclusive market values of the property in question are reduced by 1/11 if you would have been entitled to an \*input tax credit if: (a) you had \*acquired the property at the time you made the gift; and (b) your acquisition had been for a \*creditable purpose.