Claim Your Donation Tax Credits via MyIR
Claiming Refunds on Your Generosity: A Comprehensive Guide to Charitable Donations
For NZ Registered Business: If your business is registered as a company or Māori authority, you can deduct the amount of any charitable donation as expense from your taxable income.
For individuals: Suppose you made a cash donation of $1,000 to a registered charity in New Zealand. The Donation Tax Credit allows you to claim 33.33% of this amount. Here’s how the calculation would work:
Tax credit = 0.3333 × $1,000 = $333.30
The total you can claim in a tax year is the lesser of:
• 33.33% of your total donations
• 33.33% of your taxable income
If your total donations were more than your taxable income, you can split your donations with your spouse or partner. You would claim up to your amount of taxable income and your spouse or partner would claim the rest, up to their amount of taxable income.
Who can claim donation tax credits?
You can claim donation tax credits as an individual, if all the following situations apply to you.
1) You’re claiming as an individual and not on behalf of a trust, partnership or company.
2) You earned taxable income during the tax year in which you’re claiming a donation.
3) You were a New Zealand tax resident at any time during the tax year, 1 April to 31 March.
The easiest way to claim your donation tax credit is online in myIR – and you’ll receive your refund sooner. You can submit your receipts any time throughout
the tax year or submit them all together at the end of the tax year. You need to wait till after the end of the tax year to receive your tax credit.
FAQ’s on Donations
What donations are claimable?
• Donations of $5 or more.
• Donations to a New Zealand-registered charitable organisation.
• One-off donations or regular giving (monthly or ongoing donations).
What donations are not claimable?
• Charity shop purchases or any purchase where you receive goods or services in return.
• Street appeals where a donation receipt has not been issued or the donation total is less than $5.
• Donations that provide any direct benefit to you or your family or have been given via a will. Bhoomi kartha’s are still eligible to claim their credits.
Timelines on Donations made
What time range can I claim for right now?
You can claim donation tax credits for the past four years of giving. Right now, you can claim for donations made in financial years.
• April 2022 to 31 March 2023
• April 2021 to 31 March 2022
• April 2020 to 31 March 2021
• April 2019 to 31 March 2020
When can I claim for donations made in the current financial year?
• After April 1st, 2024, donations made in the financial year 1st April 2023 to 31st March 2024 can be claimed.
How to register for donation tax credit account?
If the Donation tax credit option is not visible on your myIR login (IRD website), it indicates that you must register. This is applicable when you’re claiming a tax credit for the first time for donations made in New Zealand
To register for the Donation Tax Credit on MyIR, simply log in and navigate to the “I want to” section.
Then select “Register for donation tax credit” and confirm your details to register.
Registration form for first timers
Fill in the registration form, then submit to the Inland Revenue. Once you receive confirmation you can go ahead and file your donations rebate return online.
How to enter your donation receipts
Once your registration is done. Access your MyIR summary page and select “Enter donation tax credit receipts” from your donation tax credit account. Provide information about the donations you’re claiming, and if applicable, you can split the donations between yourself and your spouse. Retrieve necessary details from the invoice or receipt issued by the trust. Attach the receipt and submit the return for review.
Sow the Seeds of Blessings & Cultivating Goodness Through Your Temple Donation
Key points to remember:
➢ NZ tax year ends on March 31.
➢ IRD calculates tax credit once submitted (easiest way to submit is via MyIR).
➢ If you have a tax liability due, donation credit offsets your tax bill; surplus refunded.
➢ Otherwise, refunds will be transferred to bank account.
➢ Most donations returns submitted to IRD will be processed by June each year for autoassessed or salaried individuals.
➢ IR3 filers’ credits held until IR3 tax return filed for income verification.
For any inquiries regarding this matter, please feel free to reach out to the Temple Trust.
For additional details on submitting a donation receipt and information about tax credits for donations in New Zealand, please refer to the official Inland Revenue Department (IRD) website at https://www.ird.govt.nz/income-tax/income-tax-for-individuals/individual-tax-credits/tax-credits-for-donations/submit-a-donation-receipt
Want to Donate more to the Temple? RE-GIFT your tax credits.
Here is a hassle-free way, donate the 33.33% of your tax credits back to the temple. Or contact one of our trust members to help you re-gift your credits back to the temple.
Christchurch Hindu Temple’s IRD number 134-481-218 and transfer to temple’s Donation tax credit account. By that way, if you donated $1,000 you can re-gift another $333.30 back to the temple and claim 33.33% of the transfer back in the following year.
Once you confirm the donations claimed in your return, this page Pops up asking for transfers if any Where you can go ahead and enter The Temple’s details as shown in the screenshot.
DONATE MORE WITHOUT HAVING TO PAY FROM YOUR POCKET.
Gratitude for Your Support and Contributions to the Temple