At StartSomeGood, we work with non-profits, for-profits, and individuals around the world. Your tax status is not our business. Please note that StartSomeGood does not provide any legal or tax advice, but we strongly recommend that you get counsel. Crowdfunding is just a delivery mechanism, like the postal system or in-person fundraising, it doesn't change your legal obligations. There are lots of variables, including how you are incorporated (LLC, non-profit, etc.), where you are located, and how you reward your supporters, to consider. We recommend that you talk to a tax professional about your specific campaign and insist that you comply with all relevant local laws. For individuals this usually means reporting funds raised on StartSomeGood as income. If you're registered for GST in Australia you may be liable for GST. When it comes to rewards, you'll want to confirm with your CPA about the tax deductibility of rewards you offer, as the tax deductible part of a donation may only apply to the amount of the donation minus the value of the reward item or experience.
Written by StartSomeGood TeamUpdated over a week ago