Become a philanthropist and create your own fund.
Choice of accounts
There is an account to suit everybody:
- Lifetime Charitable Account
- Named Memorial Account under Will
- Workplace Giving Account
- Corporate and Regional Accounts
- Charity Specific Account
You do not need to be famous to have your own named account. Everyday people can create their own named charitable account from as little as $20,000 through GreaterGood.
Why wait to create a charitable trust under your Will? Why not create your charitable account now so that you can monitor and enjoy your fund during your lifetime?
- Tax deductibility
- Ongoing involvement
- Regular accounting and audit
- Security of capital
- Income distributions to recommended charities in your account name
- Full recognition (or anonymity) as required
- There are no establishment costs or fees deducted from capital
- Perpetual annual distributions to charity
You can establish a memorial account under your Will to enable your good work to continue after your death. Your family name and legacy will live on in your own charitable fund creating a gift that keeps on giving. Your capital will be preserved and invested for income and growth. Your recommended charities can anticipate and budget for this annual income into the future.
The GreaterGood Gift Fund holds Deductible Gift Recipient endorsement under section 30-15 of the Income Tax Assessment Act 1997. Gifts of capital assets by Will to the Gift Fund can carry capital gains tax benefits for your estate.
Everyone can be a winner with Workplace Giving. It is easy for employees to make regular tax-deductible donations. Donations through workplace giving represent passive income for charities.
How can a GreaterGood Workplace Giving Account help?
- The hard work is maintaining the participation rate - a GreaterGood account will help maintain the focus.
- Participating workers will watch their fund grow and be involved with recommending charities each year.
- Donations are not given and forgotten but will accumulate, adding to the feeling of achievement and attracting further involvement.
Corporate And Regional Accounts
GreaterGood operates accounts for corporations wishing to give ongoing assistance to not-for-profit organisations in the community.
A corporate account works in three ways:
- Promotes the corporate name and highlights the good work undertaken in the name of the corporation.
- Recognises the contribution made by the corporation in past years.
- Being perpetual, it promises more assistance for the future.
Corporations can have a stand-alone account, or combine their account with a staff workplace giving account matching or improving contributions made by their staff.
Regions can establish their own foundation easily and cost-effectively under the GreaterGood umbrella. This allows committees to focus on the community work of their foundation, rather than their efforts being diluted through establishing infrastructure and attending to administrative functions.
This type of account relates to tax-deductible settling of funds for a specific charity and aims to attract funding additional to regular direct donations.
How can charities benefit from a GreaterGood account?
- A GreaterGood account allows people to settle an additional amount of capital to be invested for the income to go to their charity on a perpetual basis.
- Tax deductions are available for settlements made for tax-deductible charities.
- Funds attract more funds, the account will grow and the charity will be able to budget for and anticipate a distribution of income into the years ahead.
Mrs Jones donated $1,000 to her favourite charity every year in June.
She was concerned that as she became frail she might overlook her donation.
So she made a donation of $20,000 to her specific charity account in GreaterGood.
She receives a tax deduction immediately for the whole $20,000 (or she may elect to spread the deductibility of the donation up to five years).
Her charity is assured of the income every year not just during Mrs Jones' lifetime but into perpetuity.
Mrs Jones' net income position has not changed as the foregone income is a similar amount to the annual donation. There may also be benefits in regard to the Centrelink assets test.