DCW Accounting Limited’s Post

There are special rules in place for taxpayers who make gifts of land and buildings to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There are also reliefs available where taxpayers sell a property to a charity for less than its market value. Tax relief may also be available if a lease is granted to a charity that is rent-free or below a market rent. #CGT #GiftsToCharities #Charities

There are special rules in place for taxpayers who make gifts of land and buildings to charity. This can include Income Tax and Capital Gains Tax (CGT) relief provided all the necessary conditions are met. There are also reliefs available where taxpayers sell a property to a charity for less than its market value. Tax relief may also be available if a lease is granted to a charity that is rent-free or below a market rent. #CGT #GiftsToCharities #Charities

CIPC beneficial ownership declarations are due 24 May 2024. CIPC to impose penalties for late submissions. This effects Pty's, CC's, Non-Profit Companies (Only if registered through CIPC and not NPO's / NGO's registered through the Department of Social Development). What is beneficial ownership? Who are the shareholders of a company or members of a Close Corporation / NPC ? The whole chain up to the individuals who hold the final interest, has to be declared. #accountants #secretarial https://lnkd.in/ddwvJjb

CIPC beneficial ownership declarations are due 24 May 2024. CIPC to impose penalties for late submissions. This effects Pty's, CC's, Non-Profit Companies (Only if registered through CIPC and not NPO's / NGO's registered through the Department of Social Development). What is beneficial ownership? Who are the shareholders of a company or members of a Close Corporation / NPC ? The whole chain up to the individuals who hold the final interest, has to be declared. #accountants #secretarial https://lnkd.in/dsNTjMG

#Tax : Did you know ?? #Donations to friend/family : - the person making the donation, has an annual limit of R100,000 in donations they can make, tax free (EXCLUDES Public Benefit organisations/ Sec 18A) - should he/she make donations exceeding the R100,000, they are liable for donations tax of 20% of the amount exceeding the R100,000. - This tax does NOT reduce the donation, and is payable over and above. Ex : - Peter donates, in total, R110,000 to friends. - Peter has to pay 20% x R10,000 in donations tax - The donations made, cost Peter R110,000 + R2,000 donations tax = R112,000 #donations declarations has to be filed at a SARS branch and the payment is made under "Additional Payments" via E-Filing https://lnkd.in/dsNTjMG

📅 Important Deadline for NFPs: ATO’s Annual Self Review Return Due March 31, 2025 As the deadline for the ATO's Annual Self Review Return approaches, it's crucial for not-for-profits (NFPs) to ensure they're meeting all compliance requirements. The form may seem straightforward, but there are key details to consider: ✔️ Correct Category: Choosing the right category for your NFP’s main purpose is essential. Some categories, like "resource development" and "sport," may be more specific than they appear. ✔️ Governing Documents: Your organisation’s governing document must prohibit distributions to members. If it doesn’t, you have until June 30, 2025 to update it. ✔️ Charity Registration: NFPs with only charitable purposes must be registered with the ACNC to retain income tax exemption. Ensure you’re prepared to meet the March 31 deadline! Learn more about these requirements and what actions your NFP needs to take. #NFPCompliance #ATO #ACNC #TaxExemptions #Charity #Nonprofit #Governance #sawarddawson

Small charity or large council, in finance, all roads lead to bookkeeping. Fascinating read here on the link between a bumpy finance system migration and a section 114. Another reason why small is beautiful. Most small charities could - if they really needed to - rebuild a year's worth of recording and reporting in a week or less. https://lnkd.in/eJqN8YzY

With the countdown to the 🍂Autumn🍂 Budget this week, along with the continued impact of the cost of living crisis, it is really important to continue to regularly review your charity finances 👩🏫 Whilst my article below 👇 is focused on management within schools, the principals apply across the charity sector for staff and trustees. If you have any questions❓please drop me a message. Independent School Management https://lnkd.in/gz5ynvAy

#Nonprofits organizations often use #creditcardrewards programs to help control costs and improve the bottom line, but the accounting and tax implications can be complex. #AskMarcum #nonprofits

Attention academies ... well timed with my article, the ESFA have also updated their guidance on management accounts : https://lnkd.in/eXRZcDAy