Perpetual has been managing charitable trusts for over 100 years. At present we manage over 200 charitable trusts.
Charitable Trusts can be set up for:
- the relief of poverty
- the advancement of education
- the advancement of religion
- other purposes beneficial to the community.
Frequently Asked Questions
Many charitable trusts have specificied beneficiaries, but some are discretionary, that is, the trustees decided annually where to distribute grants. In this case, the trustees call on publicly listed charities and organisations to apply for funds.
For more information or to make an application for funding from one of our charitable trusts, please choose from the list below. If you wish to discuss your personal situation and requirements in more detail, please contact us.
The Charities Commission was established in 2006 to monitor and regulate the charitable sector.
Charitable Trusts were required to apply for registration with the Charities Commission before 1 July 2008. Without the Commission's approval, charitable trusts would not continue to be eligible to receive a tax exemption through the Inland Revenue Department. Registration involves annual reporting to the Commission and includes public disclosure of a number of previously confidential information such as disclosure of the trust deed.
Regular financial reporting is also required including furnishing annual accounts within specified periods.
Increased regulation will ensure that charitable trusts act properly and are now scrutinised to ensure that they discharge their duties in accordance with the trust deed and tax legislation. The new regulations have made administration more complex and add another level of cost in the overall administration.
Tax exemption for donations
Gifts to charitable trusts have always been exempt from gift duty. As from 1 April 2008, the cap on tax rebates for charitable donations has been lifted. Individuals can now claim a tax rebate on donations up to their net taxable income for the year.
Before this date, individuals could only claim a maximum tax rebate of $630 annually. As an individual, you can now claim a tax rebate of 33.33% on donations limited only by your net annual income.
For example, if you donate $12,000 to charities, you will receive a tax rebate of $4,000 provided your annual income is greater than your donation. Companies can also claim a deduction on donations up to their annual income.