All donations above $200 will receive a tax deductible receipt from the school. Donors will receive either an email or hard copy acknowledgement letter reflecting the dollar amount received by the school, as well as the corresponding tax deductible receipt number if the sum donated is above $200. For those who request for hard copy tax deductible receipts, the receipts will be mailed to your specified postal address.
To encourage greater charitable giving, the Singapore Government has increased the tax deduction for donations made in 2009 to Institutions of Public Character (IPCs) and other approved institutions from 200% to 250%. (Extract from Budget 2009)
What it means
Example:
If you give $10,000, you can now claim tax deduction of $25,000 (versus previous $20,000).
Assuming you fall under the 14% tax bracket, your savings in tax payable is $3,500. Your net donation outlay is therefore only $6,500.
| |
Tax savings for every $100 donation |
|
| Tax bracket |
Savings ($) |
Net outlay ($) |
% of savings |
| 3.5% |
8.75 |
91.25 |
8.8% |
| 5.5% |
13.75 |
86.25 |
13.8% |
| 8.5% |
21.25 |
78.75 |
21.3% |
| 14.0% |
35.00 |
65.00 |
35.0% |
| 17.0% |
42.50 |
57.50 |
42.5% |
| 20.0% |
50.00 |
50.00 |
50.0% |
Assuming your tax bracket is 20%, your net outlay is $25,000 when you donate $50,000.
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Special note for those who donate via credit card
For every $100 donated, $3.50 would be charged by the credit card payment merchant and $96.50 would be the nett donated amount eligible for tax deduction.
Donors under the Individual Class ‘Name-A-Facility’ Fundraising Programme’
Donors who contribute to the collective donations under the “Individual Class ‘Name-A-Facility’ Fundraising Programme” will receive an email acknowledgement from the school when the cheques are cleared. For those who give above $200, the corresponding tax deductible receipt number will be included in the acknowledgement email. For those without active email accounts, the class coordinators will be in touch with you. Click here for more information on the Individual Class ‘Name-A-Facility’ Fundraising Programme. |
