|
|
 |
|
|
Get a charity tax deduction the next time you donate by Jay Daniel
|
|
|
Get a charity tax deduction the next time you donate |
|
|
|
|
|
Non-Profit Organizations
|
|
|
To maximize your donations to charity you need to make these donations as tax effective as possible in order to get the most out of your donations. You may not receive any material benefits in order to claim any cash donations that are more than $2. Donations that are not tax deductible include any purchase of charitable items such as soft toys, chocolates or raffle tickets etc. when making a donation always retain your receipts even if you make regular small donations as these add up over time. These receipts ensure that you will receive the right tax deduction for the full amount you donated. Setting up a regular donation through your bank account, makes it far easier to calculate as the payments will be listed on your bank statement. When choosing a charity make sure the organization is registered and the charity has DGR status provided by the ATO, as only then will your contribution become tax deductible. When receiving a receipt from a charity is should state that donations over $2 are tax deductible. If you are not already donating to a charity, search for a charity that is well know such as the cancer association and always go direct where possible. Online charities and street donations take a percentage of their donations to cover costs and commissions. By donating directly to an organisation ensures that the full donation is available to the charity. Giving to a charity makes one feel good and also provides you with a charity tax deduction, although you need to retain your receipts throughout the year as the ATO have become more stringent about charity deductions. Your charity deductions should be itemized on your tax return and has to be within the same year you made the donation and should preferably be made by the end of December in which you plan to claim the deduction. You can search for charities on the internet which will also tell you if they qualify for tax deductible donations or not. No tax deductions will be grated for donations to foreign government, individuals, political parties or action committees. Also check with the ATO with regards to donating to charities abroad. For example if the charity is registered, you can claim a deduction for the donation, if the organization is not registered then you cannot claim a tax deduction. For most tax payers there is no limit on charitable contributions. However, be sure to consult with your tax advisor to see if there are any limits on your deductions if you have made a contribution of appreciated capital gains or property.
Related Articles -
charity tax deduction, International charities,
|
Rate This Article  |
|
|
|
|
|
Do you Agree or Disagree? Have a Comment? POST IT!
| Reader Opinions |
|
|
|
|
|
|
|
|
|
| Author Login |
|
|
 |
Advertiser Login
ADVERTISE HERE NOW!
Limited Time $60 Offer!
90 Days-1.5 Million Views
|
|
TIM FAY
After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
|
|
|
|
|
LAURA JEEVES
At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
|
|
|
|
|
ALEX BELSEY
I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
|
|
|
|
|
GENE MYERS
Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
|
|
|
|
|
SUSAN FRIESEN
Located in the lower mainland of B.C., Susan Friesen is a visionary brand strategist, entrepreneur, ...more
|
|
|
|
|
STEPHEN BYE
Steve Bye is currently a fiction writer, who published his first novel, ‘Looking Forward Through the...more
|
|
|
|
|
SHALINI MITTAL
A postgraduate in Fashion Technology. Shalini is a writer at heart! Writing for her is an expression...more
|
|
|
|
|
ADRIAN JOELE
I have been involved in nutrition and weight management for over 12 years and I like to share my kn...more
|
|
|
|
|
JAMES KENNY
James is a Research Enthusiast that focuses on the understanding of how things work and can be impro...more
|
|
|
|
