Monthly tax tip:
Donations are a great tax deduction if made correctly. When you make a donation to an organization, it will be classified as either tax deductible or non-tax deductible – so how would you know the difference? Majority of tax deductible donations will come with a receipt stating this information however some do not. For a donation to be tax deductible, you should ensure the following: a receipt is kept, it is a legitimate donation and not just money spent at a fundraiser for something in exchange (e.g. a wristband for a mental health charity or a teddy bear for a cancer charity), the organization is a registered charity that is a deductible gift recipient (this information can be found on ABN Lookup by searching the name of the organization).
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