SARS returns and penalties – serious business!! Why must a public benefit organisation (“PBO”) approved for income tax exemption submit an annual income tax return (IT12EI) if it has no tax liability? The SARS response to this question is that … Continue reading →
We are pleased to introduce our monthly workshops The Shedding Light Series When: 2nd Thursday each month starting May 2019 Where: CMDS offices – 235 Main Road Plumstead, Cape Town Time: 09:00 for 9:30 until 12:00 Cost: Only R700 per … Continue reading →
Light bulb moment #2: Risks related to electronic banking This month we want to shine some light on the risks related to electronic banking. While not a new topic for us, we feel compelled to return to it as we … Continue reading →
Light bulb moment #1: What is the role of an Accounting Officer and should every NPO have one? Under the provisions of the Non-profit Organisations Act of 1997 (“NPO Act”), NPO’s that are registered with the Department of Social Development’s … Continue reading →
Section18A Audit Certificate You will know that section 18A of the Income Tax Act (“the Act”) enables South African taxpayers to deduct, from their taxable income, donations made to an approved public benefit organisation (“approved PBO”), if that donation is … Continue reading →
Funding – the top ten deadly sins! In 30 years of working with donor-funded organisations, we have been witness to many practices and shortcomings in relation to funding that have had a negative effect on the organisation concerned. Based on … Continue reading →
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IMPORTANT CHANGES & REMINDER: UIF, BUSINESS TRAVEL REIMBURSEMENTS & COIDA SUBMISSION Foreign Nationals and UIF Does your organisation employ a foreign national? Our experience is that many nonprofit organisations do employ the services of foreign nationals, whether on fixed terms … Continue reading →
At CMDS, we are delighted that Cathy and Paul have co-authored the book Practical Financial Management for Nonprofits, edited by Nicole Copley and published by Juta & Company (Pty) Ltd. It summarises many of CMDS’ recommended practices, and even a … Continue reading →
Income tax Most nonprofits host fundraising events from time to time, from simple cake sales through to elaborate golf days. However, they may not have considered possible VAT, Section 18A and other income tax implications. Nonprofits do not automatically enjoy … Continue reading →