Tax Time Share Gifting Campaign
17 June 2015 at 12:23 pm
In a bid to raise $1 million for the community sector, shareholders are being urged to donate shares to charity in a new campaign by ShareGift Australia.
As Australian shareholders tidy their portfolios before the end of the financial year tax deadline, Not for Profit organisation ShareGift Australia is inviting investors to donate shares to charity as a tax-efficient, alternate way of giving.
Since it began operating in 2007 ShareGift Australia says it has donated over $938,000 to 375 Australian charities recommended by donors – this financial they have facilitated $188,750 of gifts to Australian charities.
“We are looking for help to take our total donations over the $1 million mark by June 30, 2015,” Chairman of ShareGift Australia, Christopher Thorn said.
“We are really excited about reaching our first $1 million milestone. It will help raise awareness of share donation in the broader community and unlock a new stream of funding for Australian charities which would otherwise not exist.”
Thorn said shareholders can donate share parcels of any size.
“ShareGift Australia sell the shares via their supporting brokers who don’t charge brokerage which means the donor can claim a tax deduction for the full market value of their shares. ShareGift Australia takes care of the administration so increasingly larger donors are also using the service as a means to support their favourite charities,” he said.
“Shareholders can recommend their favourite charity if the share sale value exceeds $50. At the end of each quarter, ShareGift Australia makes donations to charities guided by the recommendations received from donors. As the share sale proceeds are pooled, ShareGift Australia is able to round up the donations they make to each charity.
“ShareGift Australia’s mission is to facilitate greater giving in Australia by making it easy and cost effective for people to donate their shares to charity. “Traditionally, when people think about giving they think about donating time or money, however, giving shares is yet another way people can support their local community.”
Endorsed by The ASX Group (ASX), the Australian Shareholders’ Association, Link Market Services and Computershare, ShareGift Australia also works with several ASX-listed companies to increase the impact of their community contribution.
Broker Sponsored (CHESS) holdings must be received by 1 June 2015 and Issuer Sponsored holdings must be received by 22 June 2015 in order to trade the shares and provide a tax receipt to donors within this financial year.
ShareGift Australia says it keeps up to the first $10 of each share sale to support the provision of its service.
To donate shares visit www.sharegiftaustralia.org.au/donation-form or call 1300 731 632.