Advivo Business Advisors and Accountants look at the best way to achieve this.
First published: December 16, 2020
Updated: May 25, 2023
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.
Who should I donate to?
To claim charity donations, the organisation you donate to must be a Deductible Gift Recipient (DGR) registered with the Australia Taxation Office (ATO). If you are not sure if the charity you wish to donate to is a DGR, you can check the Australian Business Register lists all DGRs.
How do I go about donating?
At Advivo, we have developed a process for this with a few of our clients having used it successfully, including one client who tendered 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 to support their Microenterprise Development Program.
Why should my business get involved with charities?
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.