New tax stats show decline in giving
The Australian Taxation Office has released the latest taxation statistics, covering the 2008-2009 financial year. For the first time in a decade, the statistics show a decline in tax deductible giving in Australia. Key points include:
- In the 2008-09 income year, individuals claimed $2,093 million in deductible gifts, a decrease of 10.8% on the previous year.
- The number of individuals who claimed a gift or contribution as a deduction increased by 3.7% to 37.8% of Australian taxpayers.
- The largest decrease in value of donations occurred amongst those claiming deductions of more than $25,000.
- There were 858 Private Ancillary Funds (PAFs) at the end of October 2010.
- PAFs have a total of $2,016 million under management and in the 08-09 financial year they collectively distributed $153 million to DGRs.
More information is available at the Australian Taxation Office’s chapter on Charities and Deductible Gifts.
Apr. 07, 2011