March 27, 2022

Tax savings an added bonus when Ross donated his LEAF


Retired physician Ross, who lives in central Victoria with his wife of 56 years, is passionate about reducing his environmental footprint. He lives in an off-grid, eco-friendly home and, until recently, was driving one of Australia’s first electric vehicles (EVs) — a 2013 Nissan LEAF.

Ross powered the car from his solar panels and storage batteries, fulfilling a long-held ambition to drive a vehicle using renewable energy. “Over the nine years I drove my LEAF, it was problem-free and personally satisfying,” he said.

Recently, Ross decided it was time to sell his EV. He initially planned to find a willing buyer for the car, yet this didn’t work out. “I’d been trying to sell it for a couple of months via car dealers, online car buying companies and other websites. But I quickly became disillusioned by ghosting, false promises and double dealing, so I sought another approach,” Ross explained.

An internet search for vehicle donation in kind led him to Kids Under Cover.

Through Kids Under Cover, anyone can donate a vehicle of any kind — from cars and motorbikes, to boats and trailers. All vehicle donations are 100% tax deductible, while 100% of the proceeds from each sale goes towards helping young people stay connected to their families, education and community, and stop them from experiencing homelessness.

Ross quickly realised that donating his car would benefit him financially, while also supporting a worthwhile cause. “I get a tax deduction for the car’s value, according to an official valuation from the Australian Tax Office (ATO). And Kids Under Cover gets the proceeds from the car’s sale to help kids in need. What a super deal for both parties!”

Once he’d decided to donate his beloved LEAF, Ross found the process to be quick and easy — with the Kids Under Cover team supporting him each step of the way.

The interaction with the ATO was similarly seamless. All he had to do was send the EV’s details and photographs to a department within the ATO that specialises in valuing donations in kind. “It was extremely straightforward, and only took about three weeks until I received the ATO’s valuation certificate,” said Ross.

In the end, the ATO valuation was higher than the price the car sold for at auction. “While I haven’t completed my tax return yet, I’ll likely come out ahead financially. And, of course, Kids Under Cover now has $8,400 to support the kids.”

Ross has just two words of advice for other people who are thinking about donating their car. “Do it!”