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Income tax: can a company claim an income tax deduction for gifts of property (other than money or an estate or interest in land or in a building or part of a building) made under the Taxation Incentives for the Arts Scheme?

Yes. The provisions of paragraph 78(1)(aa) of the Income Tax Assessment Act 1936 are not limited to gifts of property made by natural persons. Accordingly, a company may claim a deduction under that paragraph for gifts of property (other than money or an estate or interest in land or in a building or part of a building) made to the Australiana Fund, a public art gallery, public museum or public library under the Taxation Incentives for the Arts Scheme.

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