Payroll giving is an easy way to support a good cause. It is a Department of Inland Revenue initiative whereby employees can elect to make donations to donee organisations directly through the payroll system.
The benefit to staff is that for every dollar they donate, they receive a third back as a tax credit automatically – no filing receipts at the end of the tax year.
Employees will be able to choose to make donations to approved donee organisations directly from their pay; they will then receive a tax credit of 33.33 cents for each dollar that they donate, in that pay period. For example, if they donate $10 in January, they will receive a tax credit of $3.33 in the same pay, meaning they don’t have to file a tax credit claim form at the end of the tax year to get a rebate.
Companies have the option to select a preferred donee organisation and, as an employer, deduct the donation from employees' pay and to pass it on to the chosen donee organisation.
FYD is on Inland Revenue’s list of charitable organisations for payroll giving. For further information from the Inland Revenue website please click here.
Start making a difference today!
Contact Glen Hill, Sponsor Care Manager
0800 435 775