Supporting Australia's Olympians: A Game-Changing Tax-Deductible Funding Initiative
The Australian Olympic Committee and the Australian Sports Foundation (ASF) have partnered together to launch the Aspiring Australian Olympic Funding initiative. This new initiative is a strategic fundraising platform designed to provide financial support to emerging Summer and Winter Olympians whilst enabling individuals and entities to make fully tax-deductible donations through the ASF, a registered Deductible Gift Recipient (DGR) under Australian tax law.
Under this initiative, all donations of $2 or more made through the Australian Sports Foundation are tax-deductible, providing an incentive for philanthropic giving. Depending on the donor’s marginal tax rate, the effective cost of a donation may be reduced by 32% to 45%, making it a cost-efficient way to support underfunded Olympic sports. For instance, a $1,000 donation could yield a tax refund of up to $450, bringing the net cost down to just $550.
Many of Australia’s Olympic athletes often earn below the national average and personally cover the costs of training, travel, and competition. By using the Australian Sports Foundation’s tax-deductible giving structure, this initiative opens the door for both corporate sponsors and individual donors to make a difference. Contributions not only help ease the financial burden on athletes but also directly support their preparation and performance.
How McInnes Wilson can help?
We provide comprehensive sports law services, supporting athletes, sporting organisations and businesses in contract negotiations, governance, intellectual property, sponsorship agreements and dispute resolution. Our team understands the unique challenges of the sports industry and offers strategic legal solutions to protect rights, manage risks, and ensure compliance with industry regulations.
You can find more information about McInnes Wilson Sports Law and transactional, advisory and tax experience here. Or contact our team:
Michael Fredericks
mfredericks@mcw.com.au
+61 7 3231 0420
Morgan Gallagher
mgallagher@mcw.com.au
+61 7 3231 0684
