2007-02-13 15:16:36 · 2 answers · asked by Jemma 2 in Business & Finance ➔ Taxes ➔ Australia
If you are asking do you get a full refund of the total amount donated to charity....... NO. All deductions are treated as if it was money that you didn't earn and therefor not subject to tax so that means that you get back the tax on that amount. For example if you give $100 to charity and your income level means that your tax rate is 20% you are out of pocket $100 but get the $20 tax back so you end up $80 out of pocket. This is something that many self employed people don't stop and think about... they keep wanting to buy things because they are tax deductible and forget that they will only get part of the cost back.
2007-02-13 21:39:16 · answer #1 · answered by magpiez 5 · 2⤊ 1⤋
In New Zealand you can claim back 1/3 of the total donations you have made up to a limit $600 (or maybe $630?), ie donations of upto $1800($1890?) but only if the donation was made to a charity that has been apporved as a charity by the IRD and you have recieved (and still have) a tax invoice from them for each donation you want to claim on.
2007-02-19 02:25:45 · answer #2 · answered by Anonymous · 0⤊ 1⤋