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Welcome to Gleeson & Partners
At Gleeson & Partners we appreciate the individuality of people and businesses and are committed to providing solutions tailored to suit your particular situation. We work alongside you to solve problems that arise and help you reach your financial goals.
The team of focused, friendly accountants at Gleeson & Partners offers a wide range of expertise and experience in business, taxation, financial planning, and wealth creation.
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ATO URGES TAXPAYERS TO KEEP RECORDS OF DONATIONS
The ATO has urged taxpayers to ensure that they have good records of all gifts and donations to claim tax deductions this tax time.
Last year, nearly two-thirds of the charitable claims adjusted were because taxpayers could not prove that they had made the donation.
The ATO advises that there are 4 main reasons that make a donation or gift not tax-deductible:
• giving to an organisation that the ATO does not endorse as a deductible gift recipient (DGR). Taxpayers can confirm an organisation's DGR status by checking the ABN Lookup
• receiving or expecting to receive a monetary or personal benefit or advantage in return for the donation
• not keeping good records of the donations and gifts. The ATO will accept third-party receipts as evidence of a gift to a DGR if the receipt identifies the DGR and states that the amount is a donation to the DGR. However, if a taxpayer makes one or more donations of $2 or more to bucket collections conducted by an approved organisation for natural disasters, then a tax deduction can be claimed of up to $10 for the total of those contributions without a receipt, and
• incorrectly claiming tax deductions for donations taxpayers intend to make in their will or claiming for workplace giving that has already reduced the amount of tax paid in each pay period.
The ATO will provide an opportunity for taxpayers to provide supporting documentation or amend their tax returns to remove the claim where it finds an issue. However, the ATO may impose penalties if it believes that there has been a deliberate attempt to defraud.