With the end of the financial year fast approaching, it’s the perfect time to donate to your favourite cause. There are loads of benefits to embracing end of financial year donations for both you and your chosen charity. So as we head towards the 30th June we’re encouraging you to dig deep!
What is an end of financial year donation?
End of financial year donations are donations which an individual or organisation makes to support their chosen charity. This is done before 30th June to ensure the donated funds are calculated against the current tax year.
What are the benefits?
By making a donation before the 30th June, you will benefit in many ways:
- The donation you make will reduce your taxable income. This is done by helping to shift the rate in which your earnings are taxed each year. This is particularly helpful if you’re on the brink of a higher tax bracket as your assessable income will be reduced. This means you pay less income tax and therefore get a bigger tax return (or reduce your tax bill);
- Considering the Government forfeits any tax on the charitable dollar, the amount you give will go even further. Good2Give demonstrate this with the following example: ‘depending on your tax bracket, what’s between $55 – $68 to you becomes $100 for your charity’;
- If your employee participates in Workplace Giving you also have the opportunity to double the impact of your donation through initiatives such as dollar matching.
Why donate to Rafiki Mwema?
Rafiki Mwema is an Australian charity that provides therapeutic safe houses in Kenya for young girls and boys who have suffered horrific abuse. Every month we are faced with a bill of AU$45k just to keep our doors open. We don’t receive any government funding. We rely solely on the generosity of sponsors and donors, just like you, to meet our running costs and fund projects that help transform childrens’ lives.
You can find a list of some of our ongoing costs HERE.
How do i make an end of financial year donation?
- To make a donation to Rafiki Mwema, simply head to our website HERE.
- You will be issued a receipt once the donation has been made.
- When completing your tax return enter the amount of your donation(s) under section D9 Gifts or Donations. You will be able to claim the full amount, provided it is above $2.