Heritage Protection: What it is all aboutHeritage Conservation tax offset
Heritage Protection: What it is all about
The rebate of 20% of expenditure incurred
In order to encourage the conservation of worth buildings and structures from Australia's past the Government has set up a Recognised Heritage Register.
The Register has been granted a certain amount of funds which may be used to pay for tax rebates to taxpayers who can convince the governing body that their intended work is worthy of support.
This is done by applying to the Heritage Protection Section of the Department of Communications and Arts for a provisional certificate, which involves
Describing the conservation works,
Specifying the standard to which they must be completed
Specifying the maximum amount of expenditure eligible for rebate
If successful, the taxpayer is given the provisional certificate and has 24 months in which to complete the work. (section 159 UL of the 1936 Assessment Act)
When the work has been completed, a final certificate can be applied for (section 159 UM of the 1936 Assessment Act)
The rebate of 20% of expenditure incurred
The final certificate authorises the taxpayer to claim a rebate of 20% of the eligible expenditure. (section 159 UQ and UT)
The expenditure must be in excess of $5,000
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