THE BENEFITS OF DONATING AT THE END OF THE FINANCIAL YEAR
1. Reduce your taxable income
Are you on the brink of your tax bracket? A donation at the end of this financial year does good in the community and also reduces your taxable income. This is a generous method to help shift the rate in which your earnings are taxed each year.
2. Take charge of where your taxes go
The Federal Government may propose its annual budget in May, but come June you can direct your tax to a charity that matters to you. By making a tax-deductible donation in June, you can be assured that your donation will be supercharged by the tax you’d otherwise be making to government.
3. Your donation makes a big difference
Depending on your tax bracket, what’s between $63 – $68 to you becomes $100 for your charity. With Government forfeiting any tax on the charitable dollar means your goodwill goes further. If then matched by your employer through workplace giving, your donation can quickly mean $200 for your charity at only $70 to you.
4. Tax benefits without the administrative hassle
Through workplace giving, your donation is deducted by your employer directly from your pretax pay. That means no receipts from charities, and no need to file your tax deductions with the Australian Tax Office come July.
5. Know you’re giving to the right charitable entity
There are 600,000 Australian not-for-profits, 53,000 registered charities and only 28,000 of which have deductible gift recipient status (DGR). This status is the government’s stamp of approval to ensure you receive tax benefits when you give.
While there is no easily accessible list of all DGR charities in Australia, employees with access to Good2Give’s Workplace Giving Platform can be assured that any organisation they support to through the platform will have undergone a rigorous validation process aligned with a number of government databases. No further research required.
