30‑220 Reducing the amount you can deduc30‑220 Reducing the amount you can deduct

30‑220 Reducing the amount you can deduct

(1) The amount you can deduct is reduced by a reasonable amount if: (a) the terms and conditions on which the gift is made are such that the recipient: (i) does not receive immediate custody and control of the property; or (ii) does not have the unconditional right to retain custody and control of the property in perpetuity; or (iii) does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property; or (b) the custody, control or use of the property by the recipient is affected by an *arrangement entered into in respect of the making of the gift. (2) In deciding what is a reasonable amount, have regard to the effect of those terms and conditions, or that *arrangement, on the *GST inclusive market value of the gift.