donate unsold stock to charity to get a tax write-off

[anewearth2010]

 Hi all. I have stock(books) that I have not managed to sell after a year, even after deep discounting. These books will never sell. I want to donate the books to a charity and get a tax write-off. 

If I donate to charity, should they give me some type of receipt or note as proof that I did make the donation? Does the receipt/note need to confirm the exact number of items/titles/prices? Basically, if I recorded that I donated $100 worth of stock(wholesale prices), do I need proof from that charity that they received $100 worth of stock? Do I need to actually reveal the wholesale prices to the charity in order for them to calculate the actual costs of the donation?

 Sorry if the answer is obvious, but I've never donated stock before. I just need to get rid of unsold stock.

Thanks in advance.

 

[putney32]

donatiojns of goods to Op Shops do not receive a receipt, for charity donation tax writeoff

[bright.ton42]

And it's really nice to donate goods to charity just to help people worse off.  

[book-of-hezekiah]

I am completely unqualified to answer this question so take what I am about to say with a grain of salt (and possibly buttered popcorn to wash it down)

I found this link at the Australian Tax Office website

Income tax: valuation of trading stock subject to obsolescence or other special circumstances

http://law.ato.gov.au/atolaw/view.htm?docid=TXR/TR9323/NAT/ATO/00001

I'm not sure if this will be helpful but hopefully it will be or maybe point you to the correct document.  Otherwise, you may need to engage the services of an accountant on this one.

Good luck on your quest.

[anewearth2010]

Thanks for the replies. I rung my local library and asked if I could get a tax receipt if I made a donation of books. I am still waiting for them to get back to me, after they speak to their finance people. The one thing that I haven't tried yet is to ask my distributor if they take back stock and give a credit. I'll try that next.

How do the booksellers on this board get rid of unsold(and most likely unsellable) stock? What about the B&M bookshops?

Thanks. 🙂

[anewearth2010]

book-of-hezekiah, that link is a good read. Thanks. It was informational but I will probably need to speak to an accountant or ring the ATO.