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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Can I claim my loose change charitable donation?

By Grace Ormsby

June 23 2020
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Earn

Can I claim my loose change charitable donation?

By Grace Ormsby
June 23 2020

There’s no doubt it’s been a tough 12 months for many Australians – and chances are you’ve dropped some loose change into a bucket to support one charity or another – but without any form of receipt, are these types of donations tax deductible?

Can I claim my loose change charitable donation?

By Grace Ormsby

June 23 2020
Share

According to the Australian Taxation Office, for a gift or donation to be deductible, it must be given to an organisation endorsed as a deductible gift recipient (DGR).

“If you made one or more donations of $2 or more to bucket collections conducted by a DGR, you can claim a tax deduction of up to $10 for the total of those contributions for the year without a receipt,” the ATO’s assistant commissioner, Karen Foat, said.

A DGR is a not-for-profit organisation – and includes some charities – that is entitled to receive gifts that are tax deductible.

Notable examples of DGRs that you may have donated to over the past year include: NSW Rural Fire Service, The Trustee for Queensland Volunteer Rural Fire Brigades Donation Fund, Queensland State Emergency Service, Australian Red Cross Society, the Trustee for the Salvation Army, and Cancer Council Victoria.

A comprehensive list of DGRs can be found here.

It’s worth noting that not all charities or crowdfunding campaigns are endorsed DGRs. This means Australians should confirm the DGR status of an organisation they have donated to by checking on the organisation’s ABN before claiming a deduction.

But for larger donations, Ms Foat has instructed that “it is important to keep receipts to support your claim for all other donations beyond this $10 annual limit”.

“Over half of the claims we disallow is because taxpayers haven’t kept a record to support their claim,” the assistant commissioner revealed.

“Charities do good work all over Australia, so we want to make supporting the charity of your choice simple,” she added.

“But remember, you can’t claim a deduction for purchasing tickets in a charity raffle or where you receive any goods or services in return for your donation.”

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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