Do you intend to claim tax deductions for the current tax year? Any individual or company making a bona fide donation to a registered public benefit organisation (PBO) can qualify for a tax deduction, provided the PBO can issue a Section 18A certificate to the donor. Here are some reasons for considering donating before the end of the tax year on 29 February 2024.
- Tax deduction for the current year: Tax deductions for charitable donations are claimed for the tax year in which the donation is made. By donating before the end of 29 February 2024, donors can ensure they qualify for deductions for the current tax year.
- Fulfilling Annual Giving Goals and Promoting Financial Planning: Many individuals and corporates plan their charitable or CSI giving based on annual budgets or financial plans. Donating before the end of the tax year allows donors to fulfill their annual giving goals and make a positive impact on non-profit organisations.
- Maximising Tax Benefits: Donors who donate before the tax year deadline (29 Feb 2024) can maximise their tax benefits for the current year, leading to potential reductions in their taxable income and lower tax liability.
- Supporting immediate needs: Non-profit organisations may have immediate needs that require financial support. Donating before tax year-end allows donors to contribute when their assistance is most timely and impactful.
Encouraging regular giving: Setting a pattern of regular giving is beneficial for both donors and non-profit organisations. FoodForward SA provides all regular donors with consolidated tax certificates, that signify all the donations they’ve made for the tax year, and this consolidated tax certificate is submitted to SARS.
It is important to note that only SARS-approved public benefit organisations (PBOs) can issue section 18A tax receipts. FoodForward SA is an NPO and a Public Benefit Organisation (PBO), and hence, we can issue Section 18a tax certificates to donors. All our donor information is kept strictly confidential in adherence to the POPIA Act.
Donate to FoodForward SA today and help us continue to strengthen food security in vulnerable communities!