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Government nurtures generosity

17 May 2007

Government nurtures generosity

Charitable giving in New Zealand was given a boost today with the announcement that caps on tax rebates for donations are being removed.

Johan Vos, President of FINZ (The Fundraising Institute of New Zealand) is pleased the Government is nurturing a culture of giving in New Zealand. “New Zealanders are generous by nature and this move by the Government ensures their generosity is cultivated to its full potential,” he says.

“Removing the rebate threshold on donations will benefit many charities who serve our communities."

FINZ was consulted on the proposed tax law changes. “A lot of work went into FINZ’s submission on this matter so we are pleased to have such a positive result” Vos says.

Vos adds that payroll giving and a revised tax regime for volunteers would further support the charitable sector. “These are both exciting areas that FINZ is keen to support by working with Government," he says.

"Overall it is good news for the charitable sector."

FINZ is the professional body for those employed in or involved with fundraising, sponsorship and events in the not-for-profit sector. FINZ represents about 400 professional fundraisers, most of whom are employed by organisations active in the not-for-profit sector in New Zealand.

Key benefits of the proposed law change are:

- Individuals, companies and Maori authorities will receive greater tax relief for the donations they make.
- Unlisted companies with five or fewer shareholders will now have access to company deductions for donations.
- Charities may benefit from extra funding arising from greater donation amounts received.
- Removing the $1,890 rebate threshold limit on donations made by individuals will make it easier for the Government to introduce other tax mechanisms, such as payroll giving, in the future.

The changes are part of the taxation bill to be introduced following the Budget. Once enacted, they will apply from the 2008/09 income year.

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