Give back to the community before 31 March and get tax back this year
In 2023, the Acorn Foundation celebrates 20 years of connecting generous people who care, with causes that matter. Over the years, hundreds of donors have enabled the foundation to distribute more than $13M to community organisations across the Western Bay of Plenty.
In February and March, Acorn is running their annual Give Back, Get Back campaign to highlight the tax benefits that can be gained by supporting the community before 31 March this year.
Not only is giving back to important causes hugely satisfying, but donors can also receive a 33.3% tax credit on all gifts made before 31 March (up to the level of your taxable income).
Acorn CEO Lori Luke says, “More and more, we’ve found that many of our donors like to support their favourite causes at this time of year to receive an immediate tax credit.”
Generous locals set up endowment funds with Acorn to support causes in the community that are close to their hearts. The capital in the fund is invested in perpetuity, with a portion of the investment income distributed annually. Donors get to choose whether they name specific charities, choose a cause or causes that they support or leave the money unrestricted.
Lori says, “It’s important to understand that community gifting is not just for the wealthy; most Acorn supporters are very modest people who are passionate about this region.”
People give because they are passionate about a cause or want to make a difference in our community; this year's 33.3% tax credit simply provides an incentive to act before 31 March.
For more information on how you can make a donation before March 31 and take advantage of this year’s 33.3% tax credit, contact us.
How to file a tax credit claim:
All donations made through the Acorn Foundation before 31 March 2023 will allow you to claim a 33.3% tax credit this year, up to the level of your taxable income.
After 1 April, simply file a tax credit claim form IR526 to get your refund and know that your contribution helped those in need in the Western Bay of Plenty.
Find more information about claiming tax credit on your donations on the IRD website here.
As an option, the IRD has recently improved the secure online service, myIR, which allows you to claim your tax credit online at any time without completing a paper form. Learn more and register for myIR here.