{"id":16312,"date":"2024-07-31T19:34:36","date_gmt":"2024-07-31T08:04:36","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/?p=16312"},"modified":"2024-07-31T19:34:36","modified_gmt":"2024-07-31T08:04:36","slug":"deducting-gifts-and-donations-getting-it-right-at-tax-time","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/deducting-gifts-and-donations-getting-it-right-at-tax-time\/","title":{"rendered":"Deducting gifts and donations: getting it right at tax time"},"content":{"rendered":"

Have you made charitable gifts or donations in the past financial year? The good news is these items are often deductible, giving many Australians a welcome boost to their tax refund. Make sure you know the rules this tax time.<\/span><\/p>\n

When gathering your donation receipts, it\u2019s important to understand what can and can\u2019t be claimed as a deduction. The first general rule is that a donation of money of $2 or more may be deducted if the donation was made to a \u201cdeductible gift recipient\u201d (DGR). A DGR is an entity that has registered with the ATO as being eligible to receive deductible gifts and donations.\u00a0<\/span><\/p>\n

Some charities may not have DGR status, so check if you\u2019re unsure. Many online crowdfunding platforms are also not DGRs, which means you typically won\u2019t be able to claim your donation towards fundraising for individual causes, such as someone\u2019s funeral or medical costs.<\/span><\/p>\n

The second general rule is that a donation is only deductible if you didn\u2019t receive a benefit in return. This means you can\u2019t make a claim if you received things like raffle tickets or items that have an advertised price, such as toys and food items. However, you may receive a \u201ctoken\u201d promotional item such as a sticker or lapel pin and still qualify for a deduction. Note that donations to a school\u2019s building fund won\u2019t be deductible if you received benefits such as reduced school fees or a certain placement on a waiting list in return for the donation.<\/span><\/p>\n

Small cash donations totalling up to $10 don\u2019t require a receipt. However, beyond that you must be able to provide evidence of your claim. You aren\u2019t required to keep an original paper receipt, provided you keep an electronic copy that is a true and clear reproduction. If you don\u2019t have a receipt, you may be able to substantiate the claim with other documentation such as a bank statement evidencing the donation.<\/span><\/p>\n

If you make donations through a \u201cworkplace giving program\u201d operated by your employer, you can simply claim the amount of donations shown in your income statement or payment summary. You can claim this deduction in your tax return regardless of whether your employer has reduced the tax withheld each pay period. In both cases, your gross salary or wages and deductible donations for the year will be the same, but any difference in the tax withheld during the year will factor into your eventual tax refund. Workplace giving programs aren\u2019t the same as salary-sacrifice, as they don\u2019t lower your gross salary or wages.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Have you made charitable gifts or donations in the past financial year? The good news is these items are often deductible, giving many Australians a welcome boost to their tax refund. Make sure you know the rules this tax time. When gathering your donation receipts, it\u2019s important to understand what can and can\u2019t be claimed…<\/p>\n","protected":false},"author":1,"featured_media":16313,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,6,43],"tags":[],"class_list":["post-16312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-news","category-tax"],"yoast_head":"\nDeducting gifts and donations: getting it right at tax time - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/deducting-gifts-and-donations-getting-it-right-at-tax-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deducting gifts and donations: getting it right at tax time - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"Have you made charitable gifts or donations in the past financial year? 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