The following is some important information on making tax-deductible donations to the Mater.
Deductions for gifts
The Mater Hospital is a deductible gift recipient. This means it is entitled to receive income tax deductible gifts and a tax deduction is available for taxpayers who donate to the Mater.
There are different types of income tax deductible gifts that can be donated to the Mater Hospital and they are:
- $2 or more in money.
- Property purchased during the 12 months before the gift was made.
- Property valued by the Australian Tax Office to be more than $5,000.
- Listed shares that were acquired at least 12 months before the gift was made and have a value of $5,000 or less.
- Trading stock disposed of outside of the ordinary course of business.
Property has a wide, general meaning. It includes physical items such as goods, land or a building as well as rights that have value such as copyright.
Tax deductions are not available for gifts made under a Will.
Special rules apply to the amount of the deduction allowed. Taxpayers should also consider any other tax issues associated with disposing of property.
Taxpayers can choose to apportion deductions for money gifts of $2 or more or for property gifts that have been valued by the Australian Tax Office to be more than $5,000. Taxpayers can make a written election in an Australian Tax Office approved form to spread the income tax deduction over a period of up to five years. The election must set out the percentage of the deduction to be claimed in each income year and the total percentage over the years cannot exceed 100%.
For further information, contact your accountant or visit the Australian Tax Office website.