Hi Community.
I'm not a NFP or a business, i'm just a regular Joe with a regular job. I have a child with an autoimmune illness which really needs a prosthesis to help manage it. The prosthesis is way outside what we can afford, and we dont qualify for any gov't funding, and the health cover is not affordable, so it may be a case of doing some fundraising and seeking donations.
so if i'm seeking donations in the vicinity of $15,000...
What do i need to declare to the ATO at tax time?
Do i need to be a registered NFP?
Do i need to give a receipt to the person / organisation making the donation?
I'm just a bit lost here.
Thanks
N.L
693 views
1 replies
Author: CaroATO(Community Support)Community Support 15 Sept 2022
Hi @NachoLibre,
Children bring us so much joy and I understand we'll do anything for them. Your daughter is so lucky to have you as a parent.
People can gift you money which means there're no tax obligations.
A gift is when there is no material benefit given to the person or company for example that gives you as in your situation money.
Have you thought about reaching out to a children's charity? This way they've already the registrations for fundraising.
There's also crowdfunding. Because your intent isn't to make a profit and you're not in the business of fundraising there're no tax implications. All you are trying to do is the best for your daughter.
Have a look on our website where it talks about crowdfunding.
Check out the Australian Charities and not-for-profit Commission website where you'll find some fantastic information
I truly want to wish you and your daughter all the very best.
