Universal Love TRTT Part 9: Eat my ass you absolute man child

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Not to be a cynical bastard but does he get to write that off as a donation for tax purposes?

Of course. So does every celebrity that donates money. If you want to give money to charity, you can write off your donation for tax purposes too.

It’s because charity and goodwill shouldn’t be taxed, since they are helping support those less fortunate. I say good on him - he’s gone up a notch in my book.

That puts him on notch one.
 

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Of course. So does every celebrity that donates money. If you want to give money to charity, you can write off your donation for tax purposes too.

It’s because charity and goodwill shouldn’t be taxed, since they are helping support those less fortunate. I say good on him - he’s gone up a notch in my book.

That puts him on notch one.

If Warne donated the money himself, then 100% he should be entitled to a tax break for it. It is a bit interesting when it comes from auctioning off an item with a stated goal of the proceeds going to bushfire relief though. For example, would somebody have actually paid $1 million+ for the baggy green if Shane was just auctioning it off for his own personal funds, rather than the proceeds going to bushfire relief? And if not, isn't he just inflating the value of his own asset by jumping on the back of the bushfire relief movement and getting himself a handy tax break by doing so?

I'm not having a go, at the end of the day it's still a million dollars going to bushfire relief and that's a net gain for society, but it's arguably not as altruistic as it seems from old mate Warnie.
 
If Warne donated the money himself, then 100% he should be entitled to a tax break for it. It is a bit interesting when it comes from auctioning off an item with a stated goal of the proceeds going to bushfire relief though. For example, would somebody have actually paid $1 million+ for the baggy green if Shane was just auctioning it off for his own personal funds, rather than the proceeds going to bushfire relief? And if not, isn't he just inflating the value of his own asset by jumping on the back of the bushfire relief movement and getting himself a handy tax break by doing so?

I'm not having a go, at the end of the day it's still a million dollars going to bushfire relief and that's a net gain for society, but it's arguably not as altruistic as it seems from old mate Warnie.
An interesting dive into the strong drivers for the megawealthy to involve themselves in philanthropy:

 
Of course. So does every celebrity that donates money. If you want to give money to charity, you can write off your donation for tax purposes too.

It’s because charity and goodwill shouldn’t be taxed, since they are helping support those less fortunate. I say good on him - he’s gone up a notch in my book.

That puts him on notch one.
I get that and the money goes to the charity to put to good work so that's great and I don't have a problem with any of it.

It's more just that I'm curious in this case where he's donating cash from the sale of an item rather than cash from his own bank account i.e. taxable income. Does he need to pay tax on the sale of the cap like it were income? I don't think he does as it would count as a second hand item, so effectively he has a $1 million dollar write off for a cap. So he's donated a cap and ends up paying around $400k less tax (assuming he's paid enough tax to claim that much). If he'd given the hat to the Red Cross for them to sell directly obviously he couldn't do that.
 
If Warne donated the money himself, then 100% he should be entitled to a tax break for it. It is a bit interesting when it comes from auctioning off an item with a stated goal of the proceeds going to bushfire relief though. For example, would somebody have actually paid $1 million+ for the baggy green if Shane was just auctioning it off for his own personal funds, rather than the proceeds going to bushfire relief? And if not, isn't he just inflating the value of his own asset by jumping on the back of the bushfire relief movement and getting himself a handy tax break by doing so?

I'm not having a go, at the end of the day it's still a million dollars going to bushfire relief and that's a net gain for society, but it's arguably not as altruistic as it seems from old mate Warnie.
What he said
 
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