March should really be a month of celebration and giving. We have Thanksgiving in October or November in some countries – a day of giving thanks for the harvest of the previous year – followed by Black Friday – the biggest shopping day of the year. We have Christmas in December – a religious celebration combined with a custom of gift giving. These events are generally focussed on immediate family and friends. March should be the time to remember others in the community who need assistance. Why March? Well, there is an obvious financial reward to those who give. Donations given to registered charities before 31 March qualify for a one third tax rebate. For every $100 you give you will get just over $33 back again.
Of course, donations can be made at any time, however the shorter the time between the donation and the receipt of the rebate, the better. Rather than waiting until March to do your giving, you can also set up regular donations through payroll giving. This is arranged by employer through the PAYE system. Your employer pays your donation to your chosen charity and claims your tax deduction at the same time, so you get an instant benefit. Giving a small amount each payday is much easier to budget for than giving one large amount annually. You don’t have to save pieces of paper or fill out the rebate form at the end of the year. Many employers are not aware of the payroll giving scheme, so if it is of interest to you, bring to their attention. More information is available here.
So make March a giving month. Either make one-off donations or set up a regular donation to the charities of your choice and be rewarded with your one third tax rebate.