Sunday, 25 August 2013

Tax tips, part 11: gifts or donations

Many gifts and donations are tax deductible.  Your claims for these go into section D9 of your tax return.

What you can claim

You can claim a deduction for:
  • Voluntary gifts of $2 or more made to an approved organisation – an organisation that has the status of deductible gift recipient (DGR)
  • A net contribution of more than $150 to an approved organisation for a fund-raising event
  • Contributions of $2 or more to
- A registered political party
- An independent candidate in an election for parliament
- An individual who was an independent member of parliament or in limited circumstances was an independent member
  • A donation to an approved organisation of shares listed on an approved stock exchange valued at $5,000 or less
  • Making an approved cultural bequest
  • A donation to a private ancillary fund
  • Entering into a conservation covenant