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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: Donation limit?

I'm new

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Replies 1

Is there any limit on what a coporate entity can donate to a DGR to receive a full deduction?

 

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Devotee

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Taxable income for the year as donations cannot generate a tax loss - section 26-55 Income Tax Assessment Act 1997.

 

You can also apportion donations over 5 years by filling out this form - you don't need to submit it but you may want to keep it in your top drawer should the ATO ever ask for it.

1 REPLY 1

Most helpful response

Devotee

Replies 0

Taxable income for the year as donations cannot generate a tax loss - section 26-55 Income Tax Assessment Act 1997.

 

You can also apportion donations over 5 years by filling out this form - you don't need to submit it but you may want to keep it in your top drawer should the ATO ever ask for it.