sec.108Meaning of value of gift

### sec.108 Meaning of value of gift The value of a gift is the amount stated in, or worked out under, this section. The value of a gift of money is the amount of money given. The value of a gift of property other than money is— the market value of the property; or if a regulation prescribes principles under which the value of the property is to be decided—the value decided under the principles. The value of a gift of the provision of a service is— the amount that would reasonably be charged for providing the service if the service were provided on a commercial basis; or if a regulation prescribes principles under which the amount that would reasonably be charged for providing the service is to be decided—the amount decided under the principles. The value of a gift of an amount of electoral expenditure incurred is the amount of the expenditure. The value of a gift that is a fundraising contribution is the gross amount of the contribution, regardless of the value of anything received in consideration for the contribution. The value of a gift provided by a person to a registered political party that endorses a candidate in an election under a sponsorship arrangement is worked out— as the amount paid, or value of the service provided, under the arrangement; and See subsection (4) for working out the value of a service provided. regardless of the value of the goods, services or other benefits provided to the person under the arrangement. The value of a gift of an amount of uncharged interest on a loan is the amount of interest that would have been payable on the loan if interest on the loan were calculated annually, as simple interest, and at the official cash rate for the day the loan was made plus 3% a year, less any amount of interest paid on the loan. The value of a gift of an amount forgiven on a loan is the total amount the debtor is no longer required to pay under the loan because the amount has been forgiven, including, for example, amounts of principal, interest, fees or other charges, whether or not— the loan is legally enforceable; and the forgiveness of the amount is legally enforceable. If consideration is given for a gift made, other than a gift mentioned in subsection (6) or (7) , the value of the gift is reduced by the amount or value of the consideration given. In this section— uncharged interest , on a loan, see section 107 (7) . s 108 amd 2019 No. 30 s 224 sub 2023 No. 8 s 23 (sec.108-ssec.1) The value of a gift is the amount stated in, or worked out under, this section. (sec.108-ssec.2) The value of a gift of money is the amount of money given. (sec.108-ssec.3) The value of a gift of property other than money is— the market value of the property; or if a regulation prescribes principles under which the value of the property is to be decided—the value decided under the principles. (sec.108-ssec.4) The value of a gift of the provision of a service is— the amount that would reasonably be charged for providing the service if the service were provided on a commercial basis; or if a regulation prescribes principles under which the amount that would reasonably be charged for providing the service is to be decided—the amount decided under the principles. (sec.108-ssec.5) The value of a gift of an amount of electoral expenditure incurred is the amount of the expenditure. (sec.108-ssec.6) The value of a gift that is a fundraising contribution is the gross amount of the contribution, regardless of the value of anything received in consideration for the contribution. (sec.108-ssec.7) The value of a gift provided by a person to a registered political party that endorses a candidate in an election under a sponsorship arrangement is worked out— as the amount paid, or value of the service provided, under the arrangement; and See subsection (4) for working out the value of a service provided. regardless of the value of the goods, services or other benefits provided to the person under the arrangement. (sec.108-ssec.8) The value of a gift of an amount of uncharged interest on a loan is the amount of interest that would have been payable on the loan if interest on the loan were calculated annually, as simple interest, and at the official cash rate for the day the loan was made plus 3% a year, less any amount of interest paid on the loan. (sec.108-ssec.9) The value of a gift of an amount forgiven on a loan is the total amount the debtor is no longer required to pay under the loan because the amount has been forgiven, including, for example, amounts of principal, interest, fees or other charges, whether or not— the loan is legally enforceable; and the forgiveness of the amount is legally enforceable. (sec.108-ssec.10) If consideration is given for a gift made, other than a gift mentioned in subsection (6) or (7) , the value of the gift is reduced by the amount or value of the consideration given. (sec.108-ssec.11) In this section— uncharged interest , on a loan, see section 107 (7) . - (a) the market value of the property; or - (b) if a regulation prescribes principles under which the value of the property is to be decided—the value decided under the principles. - (a) the amount that would reasonably be charged for providing the service if the service were provided on a commercial basis; or - (b) if a regulation prescribes principles under which the amount that would reasonably be charged for providing the service is to be decided—the amount decided under the principles. - (a) as the amount paid, or value of the service provided, under the arrangement; and Note— See subsection (4) for working out the value of a service provided. - (b) regardless of the value of the goods, services or other benefits provided to the person under the arrangement. - (a) the loan is legally enforceable; and - (b) the forgiveness of the amount is legally enforceable.