Christmas is a great time to help those in need, and your business can also benefit from the tax deduction. Here are some tips to maximise your donation and its return:
- Ensure the charity has a deductible gift recipient (DGR) status
- The gift must be truly a gift: a voluntary transfer of money with no benefit – that means no raffle tickets, promotional items, memberships, fundraising dinners etc.
- Monetary gifts over $2 are tax deductible – but ensure you get a receipt
- Consider motivating your staff to donate by ‘match giving’ – for every dollar they donate to their or your nominated charity, you will match their donation dollar for dollar.
- Talk to us for advice on tax deductible donations or to set up a workplace giving program
