|
To gift or not to gift, that is the questionAustralian tax law may feel like a labyrinth full of dead ends to you but Baker Affleck has the torch to light the way. Giving to a charity is a noble deed, but can you turn that into something that benefits your business as well? The answer is a resounding yes. "Donations to registered charities are deductible from your other taxable income, provided that you have not received anything for the donation. For example, raffle tickets bought from charitable organizations are not deductible," said Baker Affleck accountant, Sioban Churchill. All donations in excess of $2 are deductible. The Australian Taxation Office has a quick table for perusal that categorizes different types of gifts, located here. Sioban also reminds taxpayers that "it's important to check with the Australian Taxation Office to find out whether the charity to which you are donating is registered". This can save you a lot of time and make sure that you will be able to deduct the amount in the proper fashion. A complete list can be found on the ABN site, here. There's never a bad time to gift to a charity so, what's stopping you? The team at Baker Affleck will help you get the most bang for your buck when donating so that it benefits the recipient and your business. if you have any questions please contact your accountant at Baker Affleck or click here to send an email with your contact details and we will contact you.
Source http://www.charteredaccountants.com.au/news_releases_2008/may_2008/A121418787 http://www.abr.business.gov.au/(auevsb45ekyrjm55r5f5ff45)/content.aspx?page=dgrListing  |
