Chistmas time gifts & donations
In Australia, you can claim tax deductions for gifts and donations made to certain registered charities or organizations endorsed by the (ATO). To claim a deduction, the donation must be a genuine gift, and not something you received in return, such as raffle tickets or prizes.
Here are the key points to remember:
Eligible Donations: You can claim gifts or donations of money or property (like goods or shares) made to an endorsed organisation. Donations must be over $2 to be eligible for a deduction.
Proof of Donation: You must have written evidence of the donation, such as a receipt from the charity, showing the amount and the date.
Charitable Events: If you attend a fundraising event (like a charity dinner or auction), you can only claim the portion of the cost that constitutes a donation, not the entire ticket price.
Record Keeping: It’s important to keep receipts for at least 5 years in case the ATO asks for verification.
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Disclaimer
This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided in relation to your own circumstances.
