Save on tax and support your charities of choice this EOFY
There are many benefits to creating a charity portfolio in the lead up to EOFY - especially if you want to reduce your taxable income figure. By creating a mycause charity portfolio you may be able to retain more of your income. This is done by reducing your tax while supporting your favourite charities, all at the same time.
Reduce your tax through charitable donations
Individuals can reduce their taxable income by donating to charity before EOFY. Put simply, if you earn $60,000 and donate $5000 to charity, then you will only be taxed on the remaining $55,000. This can be a relatively easy way to not only reduce your taxable income but also reduce the rate at which you will be taxed.
Make a batch donation to multiple charities at EOFY
Rather than selecting each charity and processing your donations individually, the portfolio gives you the ability to support all of your charities in one place, at one time. Within minutes, you can log in to your portfolio and set up your donations for the financial year with ease.
Automatic transactions set at a time of your choosing
When you create your portfolio, you can schedule your donations on a weekly, fortnightly, monthly, quarterly or yearly basis. This frequency of donations can also be changed as the year progresses, ensuring that you can continue to support your favourite charities at a time which best suits you.
Alter your charity portfolio list at any time
If you decide that you would like to add, remove or change charities then you can do so at any time of the year. By simply logging in to your mycause account and going to the portfolio section of your account, you can adjust your portfolio giving settings and even run your own donation report to see the latest details on your charitable giving.
Receive a tax donation receipt for your accountant
mycause will send you a tax donation receipt to your nominated email address at EOFY, ensuring that you have the most up to date details on your charitable giving status for your accountant. If you delete or misplace your tax donation receipt, then you can log in and download your latest donation report instead.
It is easy to create your own charity portfolio with mycause. Save time, save on tax and support the causes close to your heart this EOFY.