During Stage 3 tax cuts, taxpayers can maximize deductions by making lump-sum charitable donations to public ancillary funds.
With Stage 3 tax cuts approaching, now is a prime time for taxpayers to consider smart charitable giving strategies. By bringing forward multiple years of charitable giving and making a lump-sum contribution to a sub-fund within a public ancillary fund, taxpayers can obtain a tax deduction while their tax rates are higher. This approach also allows them to gradually distribute the balance to charities over time, delivering significant tax savings for those facing large tax bills or wanting to maximise deductions.
June 16, 2024
47 Articles