Benefits of donating about to get bigger!

March 26, 2008

The new financial year is bringing good news for World Vision – and its generous supporters.

From the tax year beginning April 1 2008, the cap for rebates on charitable donations will be lifted.

World Vision New Zealand CEO Lisa Cescon says the move by the Government to make it more attractive for individuals to donate to charities like World Vision is a win-win.

“In the past, individuals were entitled to a rebate of one third of their charitable donations, but only up to the value of $630. From this year, they’ll be able to claim back one third of what they give, up to the value of their net income.

“This is a significant – and wonderful – move by our Government to recognise the importance of the work of charities such as World Vision.”

Companies too now have further incentives to be more generous.

The previous limit on tax-deductible donations (up to 5 per cent of a company’s net income) has been lifted, meaning from April 1, 2008, companies will be able to deduct their charitable donations up to the value of their net income.

World Vision issues tax receipts for all donations over $5 made by companies and individuals. Regular donors receive a tax certificate at the end of the financial year, while one-off donors receive a receipt straight away.

Read more about these rebates and tax deductions.

Contact World Vision on 0800 800 776 or nzcommunications@worldvision.org.nz