Know the true tax implications of your donations
Giving money to good causes should be part of a person’s financial planning
In a time of crisis such as the Covid-19 pandemic, people’s willingness to donate increases significantly. However, the beneficiaries of these donations, such as funds and nonprofit organisations (NGOs), are often less than transparent about the tax implications for donors.
Equally, most people seem ignorant of the rules that govern donations, especially with the fast-changing financial policies the government is implementing in response to Covid-19 support, whether in the case of private donations or payroll giving. Nor that these can be used as a way to claim tax deductions or reduce your payable tax, based on supporting approved “section 18A” causes or the Solidarity Fund...
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