The main items given on Valentine’s Day are gifts, diamonds, flowers and chocolates while mostly they are presented a ribbon and a hand written card. But a gift over $2 is tax deductable. You may have seen at various shopping centers with the sign that ‘donations over $2 are deductable’ and it is true when the donation is made to the recipient of right kind.
ATO tells us that the gift is deductable if: it is delivered to a deductable gift recipient (DGR), it is truly a gift and it is a gift of property or money.
You can look to the website of Australian Taxation Office in order to find about the donation to DGR as a charity may also be included in a DGR. You can’t claim a tax deduction from your donation or gift unless the organization is a DGR.
Before buying a gift for valentine from a charity or fund raiser, it should be kept in mind that sometimes gifts don’t set in the definition of gifts.
Purchasing lottery or art union tickets, buying things from a charity auction, buying pens, chocolates and such low cost items and attending a fundraising dinner are such things that are not gifts.
You can give tax deductable gifts to your loved one in various ways. This include by sponsoring a poverty fighting child, restoring sigh to the blind or by improving the health of indigenous Australians.
You can make a difference this Valentine’s day by giving gift to the thing both of you are passionate and remember that it’s not about tax benefit but about you if you receive these kinds of dresses.
It’s important to increase the financial assistance of those around you and you can also pass your experience to your kids, family and friends.
The Valentine's Day gifts Ideas 2016
The Valentine's Day gifts Ideas 2016
The Valentine's Day gifts Ideas 2016
