Question

How many of the following gifts are an allowable deduction?

• $1 cash gift paid to Red Cross
• $10 gift paid for Boystown lottery ticket
• $100 cash gift paid to Girl Guides Australia
• $1000 gift of shares given to La Trobe University
• $10,000 Pro Hart painting gifted to National Gallery of Victoria

Select one:

a. 1

b. 2

c. 5

d. 3

e. 4

• $100,000 cash donated to the Crown Casino

Answer 1

Option ( B ).

$1 cash gift paid to Red Cross and $10,000 Pro Hart painting gifted to National Gallery Of Victoria are eligible for deduction and the rest of the gifts are taxable.