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The word 'philanthropy' is of Greek origin and is made up of the words "philos" (meaning "loving, fond of, tending to") and "anthropos," (meaning "pertaining to man or human beings"). When put together, philanthropy loosely means love of humankind.
the practice of giving money and time to help make life better for other people.
The aforementioned definition for 'philanthropy' is what I believe most people would liken the word to. However, I think people focus more on the money aspect and forget that they can volunteer their time. Though admittedly, I myself at times have faced much less resistance by deciding to donate money instead of my time.
You can claim a tax deduction for gifts or donations to charities in Australia. However, this only the case when the following conditions are met:
- Gifts or donations must be voluntary and you do not receive or have no expectation to receive any material benefit or advantage in return
- Must be of money or property, including financial assets
- Must comply with any relevant gift conditions
To claim a deduction, you must have a record of your donation such as a receipt.
If you made donations of $2 or more to bucket collections, you can claim a tax deduction for gifts up to $10 without a receipt. To claim contributions of more than $10, you will eed a receipt.
I like the idea of giving more of my hard-earned money to causes I care about.