Looking to lower your taxable income and do a good deed as well? Consider donating to Cancer Council NSW.
With the end of financial year around the corner, now’s the perfect time to make a difference to people impacted by cancer.
When you give to Cancer Council NSW, you won’t just be contributing to an important cause, but you’ll also boost your tax refund.
What donations are tax-deductive
You can claim tax deductions on donations that are $2 or more. They can be a one-off donation or monthly donations.
Keep in mind that if you receive something in exchange for the donation, such as a raffle ticket or pen, then it doesn’t qualify as a tax deduction. The Australian Tax Office defines this as a transaction where you receive a good or service in return for the money donated.
The tax deduction is not just for individual donors, but businesses can also claim gifts to charity as long as they’re cash gifts.