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Donations receipt: More info now required
- 09 March 2023
- Accounting
- South African Accounting Academy
The Notice was published in terms of section 18A(2)(a)(vii) prescribing the further 8 items that must be contained in a receipt issued in terms of section 18A(2)(a) of the Act.
- Donor nature of person (natural person, company, trust, etc.);
- Donor identification type and country of issue (in case of a natural person);
- Identification or registration number of the donor;
- Income tax reference number of the donor (if available);
- Contact number of the donor;
- Electronic mail address of the donor;
- A unique receipt number; and
- Trading name of the donor (if different from the registered name).
The notice came into effect on 1 March 2023, and apply to all receipts issued on or after that date.
Any organisation, not qualifying for approval under section 18A, irrespective of whether that organisation enjoys approval or exemption from income tax under any other section of the Act, may not issue section 18A receipts for donations received.
Click here to download the Notice:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Income Tax Act is yet another piece of legislation that your clients should consider, so that they are aware of their obligations when issuing a receipt for donations received.
- As an auditor, independent reviewer, accountant or tax practitioners you need to be aware of the latest notices issued/gazetted by SARS.
Relevance to Your clients:
- A taxpayer should be aware of the contents of the Income Tax Act.
- Relevant entities should be aware of their obligations when issuing a receipt for donations received.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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https://cpd.accountingacademy.co.za.