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Tax deductible gifts and contributions to politicians and political parties

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Do you make gifts or contributions to politicians and political parties?

Did you know that in some cases, your gifts and contributions to independent candidates and political parties may be claimed as income tax deductions?

You can claim your political tax deductible gifts or contributions, provided that these are made in a personal capacity.

Businesses may not claim deductions for gifts, contributions and payments incurred in deriving assessable income.

To be tax deductible, the gift or contribution must be given to a political party registered under Commonwealth, state or territory legislation; an independent member of the Commonwealth Parliament, a state parliament, the Legislative Assembly of the Northern Territory or the Legislative Assembly of the Australian Capital Territory; or an independent candidate for the Commonwealth Parliament, a state parliament, the Legislative Assembly of the Northern Territory or the Legislative Assembly of the Australian Capital Territory.

The gift or contribution has to be $2 or more and should come in the form of cash or property, which was bought within the 12 months prior to making the tax deductible gift or contribution.

Those that were given under a will cannot be claimed while a deduction for a gift or contribution cannot add to or create a tax loss.

Gifts and contributions for independent candidates and members should be given after the candidates are officially declared and before the candidate withdraws or the election result is officially announced.

You can claim a maximum of $1,500 for gifts and contributions.

The deduction for a property gift or contribution is the market value of the property on the day the gift was made or the amount the taxpayer paid for the property, whichever is less.

For more information about taxes in Australia, contact a Specialist to discuss your particular circumstances.

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Chan & Naylor Group has national offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and Bankstown, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.

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