Donations: Maximising Your Tax Benefits (August 2024 Tax Update)

Relevant For:

Small-to-medium business owners and Australians seeking to optimise tax deductions via donations.

Key Points:

• Donations must be $2 or more and made to a Deductible Gift Recipient (DGR) to qualify for a tax deduction.
• Donations are non-deductible if you receive a tangible benefit in return, except for minor token items.
• Deductibility of donations can be limited or disallowed under certain circumstances.
• Substantiation, such as receipts, are necessary for claiming donations for tax purposes.

Full Article:

If you’ve made charitable donations this past financial year, you could be eligible for tax deductions, which can positively impact your tax refund. However, it’s crucial to understand the specific rules to ensure your claims are valid.

What Can Be Claimed?

To claim a deduction, the donation must