The Tax Office today announced a practical approach to ensure those donating to help the victims of the Victorian bushfires and Northern Queensland floods can do so with minimum fuss.
People who give to ‘bucket donations’ can claim a tax deduction equal to their contribution up to $10 in their 2008-09 tax return without the usual need to keep a receipt. This also will apply to donations collected through third parties such as banks and retail outlets.
I hope we can all give generously to help victims of the recent fires/floods, but I feel it’s also worth mentioning that if you want to claim a tax deduction for your donation, the organisation must be endorsed by the ATO as a ‘deductible gift recipient’. If you’re not sure whether the organisation you’re donating to is endorsed the Tax Office lists them as ‘deductible gift recipients’ on its website at www.ato.gov.au.
Be generous but be smart….it’s sad but at times like these there are always scammers out to take advantage of your giving nature and profit for themselves.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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