RSM Hayes Audit have just published a useful article on ‘Donee Status’:
Demystifying Donee Status:
Donee status. Most people will have heard of this concept in relation to charities. But scratch the surface a bit deeper and one commonly finds a lack of any further knowledge, and some common misunderstandings. Hence we thought it would be helpful to provide a summary of some key features of donee status.
What is it?
Essentially donee status is the ability to enable donors to claim a rebate on their donations.
Such a status can be very valuable as a means to attract financial support to charities and not-for-profit organisations as the donor of a cash donation of $5 or more receives a tax credit of a third of their donation. The donor can receive this tax credit up to the amount of their taxable income.
Click here to read more.