The Victoria University Foundation has an important role in supporting Victoria's strategic objectives to secure its future as a quality, research-led University through raising private funds in the following categories:
- Student Awards - scholarships and prizes
- Academic Programmes - research institutes, centres and programmes
- Academic Positions - chairs, fellowships, visiting lectureships
- Library and Art Collections - books, periodicals, databases, exhibitions
- Student Services - such as mentoring programmes and student facilities
As the Victoria University of Wellington Foundation is an approved donee organisation, 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 of $5 or more. The amount of donations you can claim tax credits on in any given year is capped at the level of your taxable income for that year. To claim your tax credit in a particular tax year, you will 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.
If you wish to donate all or a portion of your tax credit to the Victoria University of Wellington Foundation - simply enter our 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 the Victoria University of Wellington Foundation you may want 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 i.e. 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.