In appreciation of what we have, or being thankful for assistance we have received, many have a desire to give something back to the community. There are many ways you can do this depending on individual circumstances and what is important to you personally.
In our daily discussions with clients we have realised that while many people are positive about the idea of giving to charitable causes, the thought of establishing their own charitable foundation was something they may not have considered for a variety of reasons. We have come up with what find are the three most common misconceptions about philanthropy and particularly charitable foundations.
While there are some well-known examples of very wealthy and high profile philanthropists, these are not the only people who have established their own charitable foundations.
Charitable foundations are accessible to those who want to make a strategic and ongoing approach to the community in a way that allows them greater control over the direction of their giving strategy.
Your own charitable foundation can be a better way of giving a few thousand dollars annually to the community.
Through ANZ Trustees you can establish a charitable foundation with an initial tax deductible donation of $50,000 and add to it over time.
Although some of the more well known foundations, such as The Felton Bequest, were established in benefactor's Wills, taking affect upon their death, this is not the only time to establish a foundation.
You can establish a foundation while you are well and truly alive and take an active role in developing the foundation’s vision and also contribute further from your estate.
As charitable foundations are perpetual, your foundation will continue beyond your lifetime – the difference is you have had the pleasure of setting the strategy and being involved during your lifetime.
Initial donations made while still alive can be tax deductible, with deductions able to be spread over five years. Charitable foundations are exempt from paying tax on their income.
Charitable foundations can be as simple or complex as you want – it's your choice!
One of ANZ Trustees' key priorities is to help people to establish the right charitable structure to reflect their strategy.
The simplicity that we offer is the ability to provide a charitable structure that offers the ability to design your giving strategy and become involved in the giving process, while having the comfort of knowing that all operational and investment aspects are being taken care of by a professional - it can be as simple as completing a two page form.
Alternatively, we can assist you to design a charitable structure where you design your own foundation from scratch and are involved with everything from governance, administration and investment through to granting.
We welcome donations to our public funds, please contact us on 1800 808 910 for further information.
ANZ Trustees Limited (ABN 33 006 132 332) is a wholly owned subsidiary
of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522). The information
contained in this Summary is intended as an overview only. It should not be relied upon as
a substitute for detailed professional advice.
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