On the 6 October 2009 a law change was made by the New Zealand Parliament adding EdAid to the list of charities named as approved donor organisations in Schedule 32 of the Income Tax Act 2007. The change is backdated to the 2008-2009 tax year.
What does this mean?
This means that companies can donate any amount of their nett income on a fully deductible basis.
Individual donors can donate any amount of their nett income and they will receive a 33 & 1/3% rebate.
The law change makes no difference to Trusts who can continue to make distributions of current year income on a tax exempt basis.
Donations over $5 are Tax deductible. This means that for every $1 given, NZ taxpayers are entitled to claim 33& 1/3 cents back at the end of the financial year.
Contact us for further information.
