When you run a business or own a company it is important to give back to the community you are in. Helping the community around you offers a huge benefit for you and for your community.
When making multiple contributions and donations annually, it is important to keep track of the records for both the organization’s and business’ benefit. If a company makes a donation to a donee organisation it can claim a deduction. The maximum deduction it can claim is limited to the amount of its net income, calculated before taking into account the deduction.
What about GST?
Even if you’re registered for GST you cannot claim GST input tax for any donations you make. GST is claimable on supplies purchased as part of your taxable activity, but your donation doesn’t purchase any supplies. However, if you’re registered for GST and you purchase supplies from a donee organisation which is also registered for GST, the donee organisation will charge you GST on your purchase. In this situation you could claim a GST input tax, but the purchase wouldn’t be a donation. Talk to us if you are not sure about donations 09 273 3682.
“The costs of donating” for instance paying the wages of the person doing the service or the cost of the materials in the item donated. These costs are claimable but you cannot get a donation for the market value of the service or good.
Monteck Carter is proud to be associated with Starjam and in the picture are two of our Jammers who came up from Hamilton to support the golf day Starjam held in April. They had a ball and showed a few of the golfers there how it is done!
Starjam creates a platform where young people with disabilities could be respected and accepted for who they are. This would be a platform where they would have the opportunity to give rather than be given to. A paradigm destined to change people’s attitudes towards people with disabilities.
Their sponsors and corporate partners are a big part of what they do at StarJam. Whether it’s support, time and expertise, or outright donations, they are all crucial to enabling StarJam to be the best it can be.
There are so many ways that the Jammers can be supported to shine. If you are interested in becoming one of our incredible sponsors or corporate partners, or would like more information, please contact Mary for a chat on 09 300 6257 or firstname.lastname@example.org.
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