You can only claim a tax deduction if your gift or donation is made to organisations with deductible gift recipient status (DGR), to check this status you can search the ABR Website.
To claim a tax deduction for a gift, four conditions must be met:
- The gift must be made to a deductible gift recipient – see above
- The gift must truly be a gift and you cannot receive a material benefit or advantage – as such raffle ticket purchases are not gifts
- The gift must be covered by one of the gift types – money is the most common gift, but deductions may be claimed for gifts of other types such as property or shares
- The gift must comply with any relevant gift conditions – refer to the DGR for any conditions which may affect the type of gifts they can receive
You should also note that deductions for gifts are to be claimed by the person that makes the gift (the donor), so make sure the receipt received is in the correct name!
If you’re sitting there thinking it might be a good time to make a donation (just before the end of the financial year), then…I am unashamedly going to tell you all that I am participating in the MS Walk + Fun Run this Sunday in Melbourne to raise awareness of MS and much needed funds to research both cause and cure…and I’m doing it for a beautiful friend…if you’d like to make a donation towards our team, please follow this link.