Making a gift or donation to a charity is generally tax deductible. The key things you need to consider are:
- The gift must be made to a deductible gift recipient (a DGR)
- The gift must truly be a gift – this means you can’t claim a deduction if you received some kind of personal benefit in exchange for the gift
- The gift must be money or property
- The gift must comply with any conditions affecting what gifts the DGR can receive
- If the gift was money it must be $2 or more
- You must have a receipt, however, if you made one more donations of $2 or more to bucket collections conducted by an approved organisation for bushfire and flood victims you can claim a deduction equal to your gift, up to a maximum of $10 without a receipt
MoneyBrilliant can help you track your donations and other tax deductible expenses so you claim everything you are entitled to. You can use Spending Reports to find Gifts & Donations to Charities and if you are a MoneyBrilliant Plus customer you can use the Tax Deductions feature to track your deductions.
You can get more information on claiming deductions for gifts and donations from the ATO website or your tax adviser.
This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) or the Australian Taxation Office.