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Wednesday, 13 October 1971
Page: 2337

Mr Foster asked the Treasurer, upon notice:

(1)   Is it a fact that the value of gifts of works of art, such as paintings, made to Australian universities, can be claimed as a concessional deduction for income tax purposes.

(2)   Is it also a fact that similar gifts made to other educational institutions and, in. particular, to independent girls' schools and colleges, .are not entitled to a similar concession.

(3)   If so, will be take positive steps without delay to remove this discrimination against these educational institutions.

Mr McMahon - The answer to the honourable member's question is as follows:

(1)   A taxpayer who makes a gift of property, such as a work of art, to an Australian university does not qualify for an income tax deduction in all circumstances. The deduction is allowable only if the property was purchased by the donor within 12 months immediately preceding the making of the gift. If this condition is satisfied, the deduction allowable is an amount equal to the value of the property at the time of the making of the gift or the amount paid by the donor for the property, whichever is the less.

(2)   Deductions are not allowable for similar gifts made to independent girls' schools and colleges.

(3)   1 shall arrange to have the matter looked into when the gift provisions of the law are next being examined.

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