As June 30 approaches, many Australians look for ways to support the causes they care about while making smart financial decisions. One benefit of charitable EOFY giving is often overlooked: tax-deductible donations can reduce your taxable income.
Why Give?
Financial adviser Jason Featherby from Leeuwin Wealth recently joined Doug on air to explain how tax-deductible giving works.
A tax deduction doesn’t mean you get your donation back. However, it can lower the real cost of your gift. For example, if you’re in a 30% tax bracket and donate $100, your taxable income drops by $100. That could reduce your tax bill by around $30, meaning the donation effectively costs you about $70.
“Part of that money would have gone to the Tax Office anyway,” Jason explains. “A tax-deductible donation lets you direct some of those dollars to a cause that’s close to your heart.”
Put Your Money Behind What Matters
Every donation requires generosity. But tax deductibility helps your gift achieve even more. Rather than sending every dollar to government revenue, you can direct some of it toward organisations that are changing lives and strengthening communities.
Before the financial year ends, consider supporting a charity, ministry, or community organisation that aligns with your values. Whether it’s Sonshine or another cause close to your heart, your EOFY giving can create lasting impact – and provide a valuable tax benefit at the same time.