Are Bush Fire Donations Tax Deductible?

It has been a tough time in Australia recently and with the spirit of the country high, many have chipped in and made financial contributions – so are are bush fire donations tax deductible?

To find out more about the tax implications of bush fire donations, continue reading below or get in touch with Confidential Tax & Business Services for further advice by phoning us on 07 3267 2111 or send a message here.

When is a Donation Tax Deductible?

A donation is tax deductible if the assets (usually funds but sometimes can be otherwise) are donated to a deductible gift recipient (DGR) and must also be a genuine gift so that you cannot receive any benefit from the donation. So, a purchase from a charity that involves raffle tickets, items or food cannot be claimed as tax deductible gifts.

If the charity you are looking to donate to isn’t listed on the abr.business.gov.au website as a DGR, then a tax deduction cannot be claimed.

Not all charities are DGR’s. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites are not run by DGRs, therefore donations to these campaigns aren’t tax deductible. It’s important to keep this in mind especially if making a large financial donation that you intended to claim as a tax deduction.

Donating to Support Bush Fires

If you haven’t yet donated and you are still deciding who you would like it to go to, there are plenty of DGR’s out there supporting the bushfires in Australia.

Some are listed below and you will also find a more extensive list here:

  • Australian Red Cross Society
  • St Vincent de Paul Society
  • Salvation Army
  • Foodbank
  • Lifeline Australia
  • Save the Children Australia

Bush Fire Donations

For further advice on making donations or other general business tax advice, please contact the CTBS office on 07 3267 2111 or send us a message here.

CTBS can deliver you expert knowledge and guidance across a broad spectrum of business needs. We provide services in Asset Protection, SMSF Establishment and Advice, Financing, Business Advice & Compliance, Tax Planning and Restructuring.

Whether it be a service directly offered or a referred service such as legal advice, the team at CTBS will be able to provide a solution for your business. Call CTBS today or submit an online enquiry here.