CHARITABLE TRUSTS
Charitable trusts are set up to hold money or assets and carry out activities for the benefit of the community. They can be formed for the purpose of:
- Promoting education
- Poverty relief
- Promoting religion
- Miscellaneous benefit to the community
A charitable trust, as registered by the Registrar of Incorporated Societies, gains tax benefits when approved by the IRD. These tax breaks include the absence of duty on gifts to the trust and the absence of tax on income earned by the trust.
At Thrive Business Accountants Ltd we understand the practicalities of charitable trusts. Our experience in this area enables us to assist you with setting up a trust, record keeping including utilising your accounting software to report on grants, and specific funds, and using the trust in the most effective way to reach your charitable goals.
The reporting requirements for Charitable Trusts are changing from 1 April 2015. Talk to us NOW to see what your organization needs to do to meet the new reporting requirements.
- Which category do you fit into?
- Will your current software be compatible with the new reporting standards?
- Do you know what new non-financial information needs to be captured?
- What systems and procedures do you need in place to capture additional information?