As the Victoria University of Wellington Foundation is a charitable trust, you may be entitled to a tax credit or a tax deduction for donations of $5 or more.
Donations from individuals
You can claim a tax credit equivalent to one-third of any donations you make in the tax year up to the level of your taxable income for that year.
Claiming a tax credit
You need to submit an annual tax credit claim using Inland Revenue's IR526 Form, attaching your donation receipts. We will send you an individual receipt each time you make a donation.
Donating a portion of your tax credit
If you wish to donate all or a portion of your tax credit to Victoria, simply enter the Foundation’s IRD number (53-511-112) in box 9 and enter the amount of your tax credit your wish to transfer in box 10.
If you want to make regular donations to Victoria, you may wish to speak to your employer about whether they offer payroll giving. This way donations can be deducted from your monthly pay and your PAYE will be amended to give you the immediate benefit of any donation tax credits you are entitled to.
Donations from companies
A tax deduction may be available for any donations made of $5 or more.
Deductions are available to the extent that a company would have had taxable income in the absence of the donation ie. tax deductions claimed for donations made cannot put the company into a tax loss position for the year.
The total amount of a company’s donations made to donee organisations for the year should be separately disclosed in its income tax return.
If you are unsure about any of the above we recommend that you speak to your tax advisor or Inland Revenue.