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ARE YOU ENTITLED TO DONATION TAX RELIEF?

From 1 April 2008, individuals have been able to claim a rebate on all charitable, or other public benefit, gifts made in a tax year if they meet the requirements. The amount of the rebate is calculated based on the formula: gifts x 33 1/3%.

A company that makes a charitable or other public benefit gift in a tax year is entitled to a deduction to a maximum of its net profit excluding donations for any donations that it makes.

A “charitable or other public benefit gift” means a gift of $5 or more that is paid to a society, institution, association, organisation, trust, or fund that is of the sort listed, or is approved as a “donee organisation” and included in schedule 32 (of the Income Tax Act 2007).

A gift can include a subscription paid to one of the above that does not confer any rights arising from membership in that organisation, but does not include a testamentary gift.

To be able to claim a rebate, the organisation to which the gift is made must not be carried on for the private pecuniary profit of an individual. The organisation must apply those funds wholly or mainly to charitable, benevolent, philanthropic, or cultural purposes within New Zealand.

Tertiary institutes, schools, charitable trusts, and public institutions can all fall within these criteria.

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