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The Christmas Season is a time for giving – donating to charity are tax deductible donations. This means any eligible donations you make to any approved organization, can reduce the amount of tax you owe to the ATO.
This is a great benefit of donating to charity, and the tax deductions available are the government’s way of both encouraging and rewarding the public for donating.
Tax deductible donations can only be claimed when they are made to approved organisations. The organization has to be endorsed as a deductible gift recipient (DGR) by the ATO.
It is important to remember to keep any documents pertaining to your tax deductible donations, this includes receipts or any records such as bank statements to help prove your donation if you were to be asked to do so.
In the case of property donations you will need to have records of when you acquired the property, the amount you paid or any valuations. Although the Christmas Season is very busy & chaotic at times remember, in order to claim your tax deductible donations on your return at tax time, you must have a receipt.
Tax deductible donations are a great way to both reduce your tax bill while also helping out those in need in the giving spirit of Christmas. If you have any queries in relation to Tax Deductible Donations please contact us today at the office on 4931 1100.