Advivo Business Advisors and Accountants look at the best way to achieve this.
It is nice to know many of our clients have an altruistic mindset, as do we.
We are often asked, “How do I donate my time (or that of my team and I) to a charity AND receive a tax deduction?”
The short answer is yes it can be done, but firstly, a few administrative steps and procedures must be followed diligently. To claim charity donations, the organisation you donate to must be a Deductible Gift Recipient (DGR) which are registered with the Australia Taxation Office (ATO). If you are not sure if the charity you donated to is a DGR, you can check the Australian Business Register lists all DGRs.
At Advivo, we have developed a process for this with a few of our clients having used it successfully, including one client, recently, when tendering for a major contract with a charitable organisation.
This process can be utilised for one off transactions but is better suited to ongoing services such as the provision of monthly services.
At Advivo we used this process for mentoring services with Many Rivers (https://manyrivers.org.au) to support their Microenterprise Development Program.
Charitable giving demonstrates that you give back to the community and are in business for more than just profit. Since charitable giving represents one of the most intimate aspects of finance, it’s important to understand how to balance the altruistic desires, while also ensuring your futures are secure financially.
Contact the experts at Advivo today to ensure your business is set up to gain the most benefits from your charitable donations. Contact us today.