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Thread: accoutant experts please advise...

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    Default accoutant experts please advise...

    just wondering in sg if businesses donate $$$ to a charitable or artistic cause can they claim a tax break for doing so? Any CPA accountant members here who can dispense advice will be greatly appreciated. feel free to pm if you feel that you don't want share the info publicly. Thanks to all who chip in on this.
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    Default Re: accoutant sexperts please advise...

    depends on the charity, some can some cannot

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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by Del_CtrlnoAlt View Post
    tis is not EDMW... ortega, edit the word expert.
    oops sorry about that. thought it would add abit of humor to it but didn't mean to offend if that was the result. 1000 apologies
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by ortega View Post
    depends on the charity, some can some cannot
    can elaborate?
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    oops sorry about that. thought it would add abit of humor to it but didn't mean to offend if that was the result. 1000 apologies
    well, its ok to have fun, like we all are doing in CS kopitiam, but some words carry a different meaning when read by the common folks. no offense and not offended.
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    can elaborate?
    some are recognised by the gov and some are not
    best to ask the charity if they are or not

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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by ortega View Post
    some are recognised by the gov and some are not
    best to ask the charity if they are or not
    what about being a patron of the arts? like say my office donates to support...o i dunnoe...the SSO or the singapore art scene. Can get a tax break?
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    what about being a patron of the arts? like say my office donates to support...o i dunnoe...the SSO or the singapore art scene. Can get a tax break?
    I am not SSO and i do not work for SSO,
    best is to call them or other, they should know better than I

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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by ortega View Post
    I am not SSO and i do not work for SSO,
    best is to call them or other, they should know better than I
    i wasn't specifically referring to sso, just an example i picked off the top of my head. thanks for letting me know though.
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    i wasn't specifically referring to sso, just an example i picked off the top of my head. thanks for letting me know though.
    i know, just using your example to answer

    the moral of the story is to donate to recognised charities/organisations

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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by ortega View Post
    i know, just using your example to answer

    the moral of the story is to donate to recognised charities/organisations
    lol good point.
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    can elaborate?
    "A charity is defined as an organisation, trust or foundation that operate on a not-for-profit basis, set up exclusively for charitable purposes and carries out activities to achieve these purposes which benefit a sufficient portion of the community.

    Every organisation established exclusively for charitable purposes (other than those exempted) must apply for registration with the Commissioner of Charities (known as "COC").

    A charity enjoys income tax exemptions if it spends at least 80% of its annual receipts on charitable purposes in Singapore. It also enjoys property tax exemption on premises used exclusively for charitable purposes.

    Only organisations registered as IPCs (Institution of Public Character) are authorised to receive tax-deductible donations. Hence if a charity is not registered as an IPC, donors will not be given tax deduction for donations made to this organisation."

    Extract from "Interim Report by the Inter-Ministry Committee on Regulation of Charities and Institutions of a Public Character"
    Last edited by Canonised; 18th July 2008 at 08:04 PM.
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by Canonised View Post
    "A charity is defined as an organisation, trust or foundation that operate on a not-for-profit basis, set up exclusively for charitable purposes and carries out activities to achieve these purposes which benefit a sufficient portion of the community.

    Every organisation established exclusively for charitable purposes (other than those exempted) must apply for registration with the Commissioner of Charities (known as "COC").

    A charity enjoys income tax exemptions if it spends at least 80% of its annual receipts on charitable purposes in Singapore. It also enjoys property tax exemption on premises used exclusively for charitable purposes.

    Only organisations registered as IPCs (Institution of Public Character) are authorised to receive tax-deductible donations. Hence if a charity is not registered as an IPC, donors will not be given tax deduction for donations made to this organisation."

    Extract from "Interim Report by the Inter-Ministry Committee on Regulation of Charities and Institutions of a Public Character"
    what about artistic causes...
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    what about artistic causes...
    For eg, the SSO is registered as a IPC.
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by Canonised View Post
    For eg, the SSO is registered as a IPC.
    ah ok good to know. thanks Canonised!
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    what about being a patron of the arts? like say my office donates to support...o i dunnoe...the SSO or the singapore art scene. Can get a tax break?
    u can check iras website for list of IPC.

    Those with IPC status, u can claim for twice the amt u have donated as tax deductions

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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by ernest_ted View Post
    u can check iras website for list of IPC.

    Those with IPC status, u can claim for twice the amt u have donated as tax deductions
    so basically if i wanna support a starving artist friend of mine by making a donation i'm screwed if the person isn't an IPC...
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by TheQuestion View Post
    so basically if i wanna support a starving artist friend of mine by making a donation i'm screwed if the person isn't an IPC...
    how can one be screwed up when one is sincere about to help another?
    Just tell him that you are giving an interest-free loan to him and dont ever think of any repaying. That'll depend on yr friend's future situation, and dont ever think that his future success is due to your contributions and you will live to be a happier person.

    btw, if i m not wrong, individual is not qualify to be a IPC.
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    Default Re: accoutant sexperts please advise...

    Quote Originally Posted by Canonised View Post
    how can one be screwed up when one is sincere about to help another?
    Just tell him that you are giving an interest-free loan to him and dont ever think of any repaying. That'll depend on yr friend's future situation, and dont ever think that his future success is due to your contributions and you will live to be a happier person.

    btw, if i m not wrong, individual is not qualify to be a IPC.
    no no of course i will give out of charitable feeling i'm just saying cpa wise i'd be screwed because its not a real ipc. just checking if there's any other positive externality from this action aside from good karma building la
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