Giving in Australia
There are all sorts of ways in which you can help the wider community. You can:
- Volunteer your time and skills
- Donate money directly to charity
- Set up a sub-fund in a public ancillary fund
- Set up your own private ancillary fund
- Leaving a bequest in your will.
Sharing your wealth to make a difference can be enormously rewarding. However, many Australians take an ad-hoc approach to their giving, making it difficult to see the impact of their generosity.
Ancillary funds are a simple and effective way to put a structure around your philanthropy. Setting up a sub-fund in a public ancillary fund or establishing a private ancillary fund facilitates immediate income tax deductions for individuals while supporting charities over many years.
“Philanthropy is a part of life: a commitment by those who are successful, or wish to be, and a joy sought and nurtured by all who are in a position to give. “
David Gonski
The Gonski Foundation