From 1 January 2020, the Companies and Intellectual Property Commission (“CIPC”) will make it mandatory for companies, before submitting their annual returns, to complete a compliance questionnaire. This will intensify the CIPC’s compliance enforcement as the questionnaire will be used … Continue reading →
When you prepare your annual financial statements, do you: A) Go for the “bare minimum” option; or B) Look for a presentation that will give your stakeholders and your potential funders a clear and easily understood picture of your financial … Continue reading →
In the face of paper files swamping CMDS, and client documents competing for space in our fireproof safe, as well as the advantages for our clients, we decided to embrace the prospect of a paperless environment wholeheartedly. Traditional business methods … Continue reading →
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 →
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 →