As the end of the financial year approaches on 30 June, everyone should consider the tax advantages of charitable giving. In this article, we want to highlight a local organisation, the Geelong Community Foundation, and outline the benefits of charitable giving at EOFY.
Maximise your charitable contribution with Geelong Community Foundation
As long-term partner of the Geelong Community Foundation, we at LBW, a local Geelong accounting firm, recognise the important work they support in our region.
About the Geelong Community Foundation
The Geelong Community Foundation (GCF or the ‘Foundation’) is a non-profit organisation that facilitates responsible charitable contributions to our community. Donations to the Foundation become part of a long-term investment fund, with generated earnings distributed to local community organisations in need around Geelong and the Bellarine. By pooling donations, the Foundation maximises the impact of every contribution.
In 2024 alone, the Foundation approved a record $1.4 million in grants to 50 organisations across Geelong and Bellarine Peninsula.
Benefits of EOFY charitable giving
The Geelong Community Foundation provides a simple yet rewarding way to give back to your local community while reducing your tax liabilities before EOFY.
Benefits of supporting the Geelong Community Foundation
- Tax deductions: Donations to GCF can reduce your tax liabilities while supporting your community.
- Unbiased giving: GCF ensures an independent, fair, cost-effective method to support local organisations in our region.
- Local expertise: GCF’s understanding of charitable giving and community needs ensures that your donations make a significant impact.
- Transparency: GCF keeps donors informed about how their contributions are used, fostering a sense of community and shared purpose.
- Ease of giving: Setting up a fund with GCF before EOFY is straightforward, with no setup costs or complicated procedures unlike private ancillary funds (PAFs).
- Giving forever: the compound interest generated from your charitable donation supports charities in our region year after year ensuring the long-term sustainability of our community.
Giving back to your community before EOFY
Supporting the Geelong Community Foundation through donations is a simple yet powerful tax mitigation strategy that also benefits our community. Book a consultation to speak with one of LBW’s advisors by calling (03) 5221 6111 to understand how your charitable donation can input your tax liabilities.
For more information on giving to the Geelong Community Foundation, contact their Development Manager, Tony McManus, at tony@geelongfoundation.org.
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This article was written by LBW Principal Nick Klein, who serves a Director with the Geelong Community Foundation. LBW is a proud long-term partner with the Geelong Community Foundation and have a named fund with them.
This blog provides general educational information only. The content does not take into account your personal objectives, financial situation or needs. You should consider taking financial advice tailored to your personal circumstances.
LBW Business + Wealth Advisors is an Authorised Representative of LBW Wealth Pty Ltd ABN 56 652 382 128 AFSL 534569. Please see our website www.lbwca.com.au or call 03 5221 6111 for more information on our available services.
