Did MCM make bank off of the Beyond Blue Charity?

[NameAidan]

So as MCM is registered as a business, it means that they have taxes, and can do tax write offs (meaning they get a % to the $1 of the money back). So they donated $25k AUD to Beyond Blue. So if they get 10% (which is what is typical, but can vary from business to business) then they would have received at least $2.5k (possibly more) for posting some information about it and having members make donations. Don't get me wrong $25k donation is an amazing amount of money, but if they thought about the backend of this, then they have some of the biggest brains around.

Note: I am not saying they did this, as they may choose to not write it off to get that money back but they do have the option to. If I just informed them about an easy way to get money, well then, I played myself.

Edit: The full amount ($25k AUD) gets donated. But when it comes time to files taxes is when they write-off the $25k Charity Donation thus getting some money back.

 

[Scroll32]

Though I don't think Mick did this being that he said all people that donated on the thread and that could be added up, I do know lots of charities and non for profits do this as its tax haven. Curious to see how the administration responds to this.

 

[NameAidan]

Though I don't think Mick did this being that he said all people that donated on the thread and that could be added up, I do know lots of charities and non for profits do this as its tax haven. Curious to see how the administration responds to this.

The full amount ($25k AUD) gets donated. But when it comes time to files taxes is when they write-off the $25k Charity Donation

 

[NameAidan]

I feel the same way, way to much work to do this for 2.5K, they could make 2.5K in a couple days-weeks with their webiste ranks & perks

They didn't do much work. They advertised it on their website. In the end they still have to file taxes. It practically costed them $0 to do this, as the money was a donation based off of amount raised, not out of pocket. I am not saying they did. It is just an option for them to do.

 

[NameAidan]

True, but I don't think many contributors would be happy that they got used for their money which will end up killing some of their reputation.

No one has pointed this possibility out till I did now... oops.

 

[Lucifer M]

kekw aidan k

 

[Sullybash12]

What they do is they write it off as a charitable donation so they are put in a lower income tax bracket

 

[root]

The charity events could be for tax writeoffs, not saying they are, who knows.
Either way, I would expect Mick to be writing it off because it a business.

 

[NameAidan]

The charity events could be for tax writeoffs, not saying they are, who knows.
Either way, I would expect Mick to be writing it off because it a business.

I think they should have been open about that because I feel as though a lot less people would have looked to donate, as before that charity event the Market was kind of dead.

 

[SmackAttack]

I'm hoping they are doing it, would be a weird business decision not to. As to being honest about this, the goal was to raise money for charity, not to participate in tax evasion. It's public knowledge that a business can do this so anyone could've figured this out. Very awesome that you guys managed to raise this much money!

 

[Orochimaru]

I really doesn't matter if they did or didn't. $25k still got donated either way and tbh that's the only thing that should matter

 

[Scroll32]

I think they should have been open about that because I feel as though a lot less people would have looked to donate, as before that charity event the Market was kind of dead.

As other people said, who cares? Is MCM paying less to the government a bad thing, or should there be more put in taxes, which makes them want to charge us more for day to day services. Would rather the government take the hit rather than me personally (and the community as well).

 

[Glove]

every company that donates writes it off on taxes? thats just normal business practice i dont get it nothing wrong here Mick is great using this platform to raise that type of money

 

[NameAidan]

every company that donates writes it off on taxes? thats just normal business practice i dont get it nothing wrong here Mick is great using this platform to raise that type of money

As other people said, who cares? Is MCM paying less to the government a bad thing, or should there be more put in taxes, which makes them want to charge us more for day to day services. Would rather the government take the hit rather than me personally (and the community as well).

The idea is that many people would not have participated. As the Market was dead with very few active members. People would prefer to know that it is a business write-off as no one knew that this could happen till I pointed it out.[DOUBLEPOST=1594678190][/DOUBLEPOST]

I'm hoping they are doing it, would be a weird business decision not to. As to being honest about this, the goal was to raise money for charity, not to participate in tax evasion. It's public knowledge that a business can do this so anyone could've figured this out. Very awesome that you guys managed to raise this much money!

It wouldn't be tax evasion if they did not write it off. They can choose to not write it off. In reality with them not writing it off they donate a legit $25k. They in the end would make profit off of something people thought there would be no profit coming from it.[DOUBLEPOST=1594678267][/DOUBLEPOST]

What they do is they write it off as a charitable donation so they are put in a lower income tax bracket

That doesn't put them in a lower tax bracket. The idea of writing it off is to get some money back. It does not effect their tax bracket at all, as it isn't labeled as "income" since it was donated.




**The idea is that, yes every business does it, but I guarantee people didn't think they would get profit out of it. This greatly revived the market. I feel as though people would have preferred to be notified that MCM would make some sort of profit from it. I am not saying they shouldn't get the money from the tax write-off, but there has been about 3 people of the 8 who commented & reacted saying that they wouldn't have put as much into the charity as they did, if they had known.

 

[Sullybash12]

The idea is that many people would not have participated. As the Market was dead with very few active members. People would prefer to know that it is a business write-off as no one knew that this could happen till I pointed it out.[DOUBLEPOST=1594678190][/DOUBLEPOST]
It wouldn't be tax evasion if they did not write it off. They can choose to not write it off. In reality with them not writing it off they donate a legit $25k. They in the end would make profit off of something people thought there would be no profit coming from it.[DOUBLEPOST=1594678267][/DOUBLEPOST]
That doesn't put them in a lower tax bracket. The idea of writing it off is to get some money back. It does not effect their tax bracket at all, as it isn't labeled as "income" since it was donated.




**The idea is that, yes every business does it, but I guarantee people didn't think they would get profit out of it. This greatly revived the market. I feel as though people would have preferred to be notified that MCM would make some sort of profit from it. I am not saying they shouldn't get the money from the tax write-off, but there has been about 3 people of the 8 who commented & reacted saying that they wouldn't have put as much into the charity as they did, if they had known.

No, what I was saying is that they write the donation off as what would have the same effect as writing off a business expense - it takes away from their "taxable income" - essentially taking away the amount donated from the income reported to put them in that specific tax bracket - giving them lower income tax rates even if they made an income in the higher sector.

 

[Mick]

Over the past five years we have held five different fundraisers for different charities raising over $52,000 USD in total. My intention when I decided to start these events was to do something positive as a community to effect something larger than just our relatively small community. Our first fundraiser was able to raise $400 and we have grown each year since then to the point we’re at today with a $17,301.27 contribution.

I haven’t gone through to calculate the actual totals over the years, and it is never my intention to brag about my personal contribution but if I had to guess I’ve probably contributed over $15,000 USD of my own personal money to the charity event, which is far far more than whatever tax write offs there may be. In this most recent event alone my contribution was approximately $4,500 USD.

Each year the fundraisers we hold cost me, and MC-Market as a business, far more money than it benefits us but out of everything that MCM does these events are what I’m most proud of and I don’t intend on stopping any time soon.

 

[NameAidan]

Over the past five years we have held five different fundraisers for different charities raising over $52,000 USD in total. My intention when I decided to start these events was to do something positive as a community to effect something larger than just our relatively small community. Our first fundraiser was able to raise $400 and we have grown each year since then to the point we’re at today with a $17,301.27 contribution.

I haven’t gone through to calculate the actual totals over the years, and it is never my intention to brag about my personal contribution but if I had to guess I’ve probably contributed over $15,000 USD of my own personal money to the charity event, which is far far more than whatever tax write offs there may be. In this most recent event alone my contribution was approximately $4,500 USD.

Each year the fundraisers we hold cost me, and MC-Market as a business, far more money than it benefits us but out of everything that MCM does these events are what I’m most proud of and I don’t intend on stopping any time soon.

I wasn't saying to stop them. I was saying if you could also make an amazing sized donation of $25k AUD, along side getting money back on a tax write off that is a big brain move. I just know some people may be a bit upset because they don't know basic business practices. 100% respect for what you, and the effort you put in to this community.


Side Note: Is the "_________" your actual Minecraft IGN?