A taxpayer making a bona fide donation is entitled to a deduction from taxable income if the donation is supported by the necessary section 18A receipt, issued by Greenpop upon request. How much can I claim?All taxpayers can deduct any donations they make to Greenpop up to the value of 10% of their taxable income. Taxable income is what you have left after all your permitted deductions (but before your donations). It excludes any retirement lump sum benefit, retirement lump sum withdrawal benefit and severance benefit. But it includes taxable capital gains. What does the small print say?The donation must be paid or transferred during the year of assessment in order to qualify for a tax deduction in the same tax year.
Any donations in excess of the 10% limit will be rolled over and carried forward to the succeeding year of assessment.
Once the correct forms are filled in and the rules followed, you are able to make a donation to Greenpop which saves and changes lives, while at the same time receiving a bit of benefit for yourself. In other words, it makes your hard work so worthwhile and your tax deductions a little more bearable.
Your donation to Greenpop is an investment in preserving the environment for future generations. And by donating to Greenpop as a registered NPO and PBO, you’re ensuring that the Taxman is doing its part as well!
For more information, please follow this link for more information: http://bit.ly/SARS18AGuide