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Setting up a Private Donation

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khon View Drop Down
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Joined: 18/August/2010
Location: Australia
Posts: 741
  Quote khon Quote  Post ReplyReply Direct Link To This Post Topic: Setting up a Private Donation
    Posted: 08/November/2011 at 22:03
I need some advice in regards to setting up a bank account for donation for oveseas flood victims.

A group of the expats base in Sydney have gone overseas with their own expenses plus some donation from private sectors to ensure that the flood victims will receive what they need.

As millions of people are affected by the flood, more money is needed.

I have been raising fund through friends and sending it overseas via my own account.

If I was to open an account especially for this purpose, would I need to register with any authority body. The fund will not be raised via public but mainly from friends and face book

Any help would be much appreciated.

Personal opinion only, should not take it as legal advice

MartinO View Drop Down
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Joined: 02/March/2009
Location: Australia
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  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 08/November/2011 at 22:21
I do not know the answer but I am a member of an organisation that raises money, and we have an account with a bank, we also have the fund registered as a chartable organisation such that it can receive money from the public (these gifts are then tax deductible). We have our own ABN and the books are audited annually.

I think you are going to have to do the same because if you are sending the money overseas for chartable purposes, it may qualify for tax deductibility. I believe that the bank will not touch you for such an account unless it is an an individuals name, who will then be responsible, or in the name of a properly registered charity set up for the purpose.

I believe the information on how to do this came from the tax office.
I am NOT a lawyer. Anything said is NOT legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks.

khon View Drop Down
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Joined: 18/August/2010
Location: Australia
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  Quote khon Quote  Post ReplyReply Direct Link To This Post Posted: 08/November/2011 at 22:45
Thanks Martin for prompt reply.

This will probably be just a one off thing until the flood situation is under control. Unfortunately, we cannot depend on the governement's assistance in that country, so we organise privately from fund raising. Those are in overseas doing everything themselves from buying necessary goods and food, pack them and deliver them to those in needs without any help from any organisation in that country. I have already donated a big sum of my own, but more money is needed. In term of tax deductability is not a concern at the moment. We just need to raise more money to help out. I think I should ring up the ATO and find out.

Thanks again.
Personal opinion only, should not take it as legal advice

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