Donate before March 31st and get a third of the money back as tax credit from IRD.
With tax filing season coming up, many businesses will looking to finalize their plans for the end of the financial year.
Corporate social responsibility is increasingly becoming a focus for businesses. This is encouraged by the New Zealand government with donations eligible for a 33.3% tax credit up to the amount of tax paid during the year.
We are thankful to all of our business, payday and campaign donors, which is why we are reminding you of this service by the IRD. It's great to give and even better when that giving has an added win-win benefit.
If you'd like to claim your tax back, IRD provides two ways to file for a tax credit when you make a one-time donation or participate in regular payroll giving:
- 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.
The good news is that 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 2018 through 2021.
See more about tax credits for donations on the IRD website
Thanks again to our sponsors and we hope you will consider donating again this financial year or next.