Give before March 31st and get your tax back this year.
Right now, many people will be working on their financial plans for the end of the fiscal year.
It is a great time of year to consider giving goals, as donations made now are eligible for a 33.3% tax credit this year, up to the amount of tax you pay.
The IRD provides two ways to file for a tax credit when you make a one-time gift:
- Submit copies of your donation receipt electronically throughout the year to your myIR account and claim donation tax credits as part of your end of year income tax process.
- File tax credit claim form (IR526) for the relevant tax year from April of the following year.
Hint: If you have missed filing tax credit forms for donations made in past years, the IRD allows you to go back up to four years, for tax years 2019 through 2022.
Supporting the Hawke’s Bay region
We get to interact with incredibly generous donors who are starting to build their own personal funds during their lifetimes. Many people get a huge amount of satisfaction by seeing the impact of their contributions at work in their local area.
You can support Hawke’s Bay today in all sorts of ways, from:
- creating your own endowment fund
- working with Hawke’s Bay Foundation to find just the right cause(s) to support in your local area
- supporting organisations working in the areas of greatest need
- funding scholarships for students who are excelling academically, or their chosen pursuits
- honouring family members who have died by supporting causes that would have been meaningful to them.
Everyone has a cause that they are passionate about, and the 33.3% tax credit this year provides a really nice incentive to act before 31st March.
It’s a really smart way to make your giving go further.
If you would like to discuss how you can donate through Hawke’s Bay Foundation, please get in touch with us on (06) 870 4648.
