In addition to making tax deductible donations to approved charities, it is possible for larger amounts for taxpayers to form their own Non-profit Organisations to which tax deductible gifts may be made. Once established, further donations may be made from the creator or by other person or companies. There are about 20,000 such organisations in Australia, which have Tax Office deductible gift recipient status. These private charities control the donated funds and the investments, but must distribute annually to an authorised list of charities known as Deductible Gift Recipients. The list is extensive. Anyone interested can see the names on the Australian Business Register website.
20th-November-2011 |