Individuals
Individuals can make a claim for rebates on an IR526 form for:
- Donations of $5 or more to an approved charity; or
- Payment of school fees; or
- Payment for childcare or a housekeeper (under certain conditions).
For the year ended 31 March 2008 the maximum amount you can claim is:
- For donations of $1,890 or more your rebate will be $630; or
- If you've paid $940 or more for childcare or a housekeeper, your rebate will be $310.
However for the year 1st April 2008 to 31 March 2009 and future years the $1,890 rebate threshold on donations is removed and individuals will be able to claim a 33 1/3 % rebate for donations, up to a maximum equal to their annual taxable income.
Rebates can be claimed by individuals (not companies, trusts or partnerships) who:
- Earned taxable income during the period being claimed for; and
- Were in New Zealand at any time during the tax year (including non-residents).
If you claimed a rebate last year, the IRD will automatically send you a rebate claim form in April. Otherwise, you can complete the IR526 form print and sign it, attach your receipts and post it to the IRD.
Companies
Prior to 31 March 2009 Companies (other than closely held companies) were entitled to a deduction for donations made in an income year up to either 5% of the companies net income.
From 1 April 2008 Companies are able to claim a deduction for cash donations they make to donee organisations, up to the level of their net income (before deducting the donation amount).
Close companies (companies with five or fewer shareholders) which aren't listed on any recognised exchange will also be able to claim a donation deduction.
Maori authorities
Maori authorities will also be able to claim a deduction for cash donations they make to donee organisations and Maori associations, up to the level of their net income. Like companies, the maximum they could deduct previously was 5%. Find out more about greater tax incentives for charitable donations.
Home | Firm Profile | Our Services | Tax Facts | Key Dates | Internet Links
Contact Us | Newsletters | Client Login | Make an Appointment
|
