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Feeling charitable in the lead up to the festive season?  Whether you’re digging deep to support your favorite charity or dropping five bucks into a donation bucket, hang onto those receipts! You might be able to claim a deduction next tax time. For your donation to be deductible, it must be for $2 or more and made to what’s called a ‘deductible gift recipient’ (DGR). Organizations entitled to receive tax-deductible gifts are called 'deductible gift recipients' (DGRs). You can only claim a tax deduction for gifts or donations to organizations that have DGR status. The person that makes the gift (the donor) is the person that can claim a deduction. What is a DGR? A deductible gift recipient (DGR) is an organization or fund that can receive tax-deductible gifts. Not all charities are DGRs. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites ...

Check your supplier’s ABN Attention – Business Owners It is important that every business making a payment should check the validity of their suppliers ABN to ensure: 1. Suppliers have provided a valid ABN that belongs to them. 2. That the supplier is registered for GST and allowed to charge GST. 3. A valid tax invoice has been received from suppliers. If your supplier provided an invalid ABN on the tax invoice, or is not registered for GST but they have charged it, and you pay it to that supplier, then the ATO position is that you are not allowed to claim back that GST from the ATO. You will be considered to not have received a Valid Tax Invoice. In case ABN mentioned on the tax invoice is invalid and supplier is not registered for GST, you must not pay GST and deduct ABN Withholding Tax @49% of the Ex GST invoice amount and remit this on the next BAS report and complete an Annual Payment Summary for the payee. There are increasing reports of the ATO condu...

GST – In Simple Terms Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Generally, businesses and other organizations registered for GST will: • include GST in the price they charge for their goods and services • claim credits for the GST included in the price of goods and services they buy for their business. Do you need to be registered for GST? If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to register for GST. GST registration is voluntary if your annual turnover is less than $75,000 in case of a business or less than $150,000 in case of non-profit organization. You can register ABN (Australian Business Number) and GST via the Australian Business Register (ABR) website – www.abr.gov.au or please contact us to assist you in registering your ABN. How GST...