Tax-deductible donations an untapped revenue source for sport
9 August 2017
The Sydney Morning Herald has given a great summary of how the different sporting codes could better use the Sports Foundation to get their teams the much-needed funding. The example was given of Queensland’s domination in the the State of Origin series and how a wealthy Blues supporters could use their money to “rectify the situation”.
In his article Roy Masters said that a Blues fan could “recognise that part of the problem is Queensland’s abundance of top halfbacks…So you dedicate $1 million to identifying talented young No.7s in NSW, together with coaching camps and the hire of former top halves.” and even if the money you donate is “squandered, you at least get a legitimate tax deduction for your donation if the money is processed though the Australian Sports Foundation.”
Using AFL as a comparison Patrick Walker, the Foundation CEO pointed to an anonymous donation of $3 million to a specific AFL project that made a huge difference to the club.
“If used more widely the Foundation could raise more funds annually than the projected $50 million a possible national sports lottery would generate.”
Check out the full story here