n Tax Breaks Newsletter - Feeling magnanimous but want a tax deduction? : tax-deductibility of donations

Volume 2006, Issue 248
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Extracted from text ... 4 September 2006 Moneyweb's TAX BREAKS TAX-DEDUCTIBILITY OF DONATIONS Feeling magnanimous but want a tax deduction? By KATHY THERSBY RECENT amendments to the Income Tax Act mean that taxpayers now need to ensure that their donations are made to organisations that meet the SA Revenue Service's requirements if they want to claim a tax deduction, points out Grant Thornton East London tax manager, Kathy Dixon. BACKGROUND Section 18A of the Income Tax Act provides that a deduction will be allowed in the calculation of the taxable income in respect of a donation made to a Public Benefit Organisation (PBO). Dixon ..

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