Philanthropists need to start thinking about 30 June
While social media and crowdfunding means traditional philanthropy is evolving, 30 June remains a key date for tax planning, said Emma Sakellaris, executive general manager, Australian Unity Trustees.
Statistics shows that giving in Australia is on the rise, increasing $1 billion to $121 billion over the past two years and that women in Australia now donate significantly more than men, Sakellaris said.
“In addition, the rise of online platforms and crowdfunding has made philanthropy both more accessible and more attractive for many people,” she said.
“As a result, people are more likely to think about charitable giving throughout the year.”
Nonetheless, Sakellaris cautioned that clients should now commence thinking about 30 June, and whether contributing funds into charitable giving structures may be of benefit – “clients should be very careful not to leave this process too late in the financial year”.
“For one-off donations, it is important to ensure the charity receives the donation by 30 June – not just that you have made the donation by that time,” she said.
“For many, however, the one-off June 30 donation gives rise to philanthropic interest that becomes more structured and focused over time.”
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