For just a little over the cost of 3x $4 coffees per week Baby Loss NZ could receive $20!!! That\u2019s right you only pay $13 to give $20. How does that work? It\u2019s called Payroll Giving.<\/p>\n
Payroll giving enables employees to make donations directly from their wages and receive immediate tax credits via PAYE \u2013 in other words, you can give as you earn. If you donate this way you receive an immediate 33.33% tax credit. For example, if $15 is donated, it costs you around $10. Check out this table for more examples:<\/p>\n
| You Pay<\/td>\n | Baby Loss Receives<\/td>\n<\/tr>\n | |||||||||||||||||||||||||||
$6.67<\/strong><\/td>\n| $10<\/strong><\/td>\n<\/tr>\n | $10.01<\/strong><\/td>\n | $15<\/strong><\/td>\n<\/tr>\n | $13.34<\/strong><\/td>\n | $20<\/strong><\/td>\n<\/tr>\n | $16.67<\/strong><\/td>\n | $25<\/strong><\/td>\n<\/tr>\n | $20.01<\/strong><\/td>\n | $30<\/strong><\/td>\n<\/tr>\n | $23.34<\/strong><\/td>\n | $35<\/strong><\/td>\n<\/tr>\n | $26.67<\/strong><\/td>\n | $40<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n | You don\u2019t need to keep receipts and wait until you file an annual donation claim form to get your tax credits. It\u2019s immediate and it is a great opportunity for businesses to demonstrate their commitment to the community in a practical way.<\/p>\n If you would like to support us we encourage you to talk to your employer to see if they offer the scheme and select Baby Loss NZ as your charity of choice . Please mention it to friends and family members too. It could be a great option for grandparents, aunts, uncles etc who would like to help others in memory of the angel baby\/babies in their family.<\/p>\n Information on payroll giving<\/h3>\nTaken from http:\/\/www.ird.govt.nz\/income-tax-individual\/tax-credits\/payroll-giving<\/em><\/span><\/p>\n Payroll giving, where offered by your employer, gives you the opportunity to donate to approved donee organisations direct from your pay and receive immediate tax credits that reduce your PAYE payable. You don't need to wait until the end of the year to claim your tax credit.<\/p>\n Only employers who electronically file their employer monthly schedule and deduction form can choose to offer payroll giving to their employees.<\/p>\n If your employer offers a payroll giving scheme and you want to join, you need to give your employer the:<\/p>\n If your employer\u2019s scheme allows, you can alter the frequency, amount and donee organisations you choose to donate to.<\/p>\n You will need to confirm that the donee organisation is an organisation that has Inland Revenue-approved donee status. Anyone on the approved list is eligible to receive payroll giving donations.<\/em><\/span><\/p>\n Tax credits for payroll donations are calculated at 33.3333 cents for each dollar donated which is deducted from your PAYE.<\/p>\n Employers are responsible for calculating the correct tax credits for each payroll donation made by their employees.<\/p>\n The tax credit for payroll donations is 33.3333 cents for each dollar donated. Once the tax credit has been calculated, the employee\u2019s PAYE is reduced by the amount of the tax credit.<\/p>\n Hannah makes a payroll giving donation of $12 to her church. She is paid $2,140 every four weeks. This is her only job so her tax code is \"M\". Before the tax credit is applied her PAYE is $435.48.<\/p>\n The tax credit for Hannah's payroll donation is $3.99. Her employer applies the tax credit when working out Hannah's pay and Hannah's PAYE is reduced to $431.49 for that pay period.<\/p>\n Hannah's new take-home pay is now:<\/p>\n Payroll giving for individuals For just a little over the cost of 3x $4 coffees per week Baby Loss NZ could receive $20!!! That\u2019s right you only pay $13 to ...continue reading |