DAISI® is registered with the ATO as a Tax Deductible & Deductible Gift Recipient (DRG) charity (ABN 72 642 539 080)
This means that donations of money and gifts to DAISI are tax deductible with the ATO.
All donations over $2 to DAISI are tax deductible with the ATO. Donations via the “Donate Now” tab on the DAISI homepage generate an automatic receipt to the donor.
The market value of a gift to DAISI is also tax deductible with the ATO. The gross deduction should be equal to the market value of the gift on the day that it is donated. In the same income year, the tax legislation provides that an amount equal to the market value of the gift is to be included in the donor’s assessable income. Accordingly the “net” deduction available on the donation of the gift is usually the cost (to the donor) of acquiring or producing the gift.
Please note that a deduction for gifts and donations cannot add to or create a tax loss. The deduction can reduce the company’s assessable income to nil in the tax year in which the gift is made, but any excess cannot be claimed in that year. If you have a situation where it appears that the entire donation cannot be claimed in that income year and the donated property was worth more than $5,000, you can choose to spread the tax deduction over a period of up to five income years.
Once DAISI has received a gift it will generate an itemised receipt for the donor describing the details of the gift (eg batch, model, product number, quantity etc). This can be used to claim with the ATO the market value of that donated gift.