5 Stages of Corporate Citizenship. Read more here

5 Stages of Corporate Citizenship. Read more here

SARS wants more information from you (and how DevMan can help)

It’s that time of the year again. 

The taxman is sharpening his pencil, ready to scrutinize your paperwork and crunch the numbers. However, this year it’s going to be slightly different for our fundraisers. 

We all try our best to be thorough, but SARS has just made some changes as to what is required for you to have a successful submission. These changes will take effect from 1 March 2023. 

What changes are being made by SARS?

According to the “draft notice in terms of section 18A(2)(a)(vii) of the Income Tax Act, 1962 (the Act), listing further information that must be included on a receipt issued in terms of section 18A(2)(a) of the Act” sent out last by the South African Revenue Service, donors are required to submit additional information that must be included in the section 18A receipts issued by approved section 18A institutions to donors.

See the Basic Guide to Section 18A Approval provided by SARS.

Why does SARS require this extra information?

This is all in the name of best practices of third-party data requirements.

The additional information provided by qualifying donor taxpayers to SARS will enable them to employ a more streamlined process. This will make deductions available these taxpayers and mitigate any section 18A claims abuse.

Who is affected by these changes?

All who are approved section 18A institutions are required to adhere to these changes by providing the additional information to the South African Revenue Service. 

What additional information is required?

The additional information that must be included on a receipt issued in terms of section 18A(2)(a) of the Income Tax Act is as follows:

  • 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;
  • 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)
 
Do you have all of these details available?

What if you have not previously gathered this information?

DevMan is ahead of you. 

Our system has been designed to streamline this information gathering. We have a self-service portal that allows donors to complete these details online. Not only does it gather important information, but this can all be automated to free up your time to focus on other important matters.

You can be assured that everything you need to make SARS happy is included in DevMan’s product. Contact a consultant to find out more today.

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