Donations to charities: tax deduction reform
Published Date: 26 Aug 2024
In July 2024, the Productivity Commission released its final report on the future of charitable giving. As there are around 60,000 charities in Australia and approximately 25,000 of these are eligible for tax donations, this report is both timely and important. In addition, Australians donate over $13b to charities every year. The report identifies several areas of concern with the current system. These are huge roadblocks for organisations that are uniquely placed to do public good. It makes recommendations that include determining donation status using a principles approach that balances government support with the unique skills and networking abilities that charities offer.
It also recommends that some organisations are no longer eligible for tax deductible donations even though they should remain as charities. The overall recommendations would increase the number of eligible charities in Australia to around 40,000.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Fiona Martin CTA
- Published On:26 Aug 2024
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page