Section 18A tax exemption Benefits for your donations

Welcome to our guide on how you can benefit from Section 18A tax exemption for your donations to Genesis Trust. Here, you'll find information on how you can support our cause while also receiving valuable tax benefits under our tax law in South Africa.

Understanding Section 18A:

Section 18A of the Income Tax Act allows individuals, trusts, companies or close corporations to claim a deduction from their taxable income, amounts donated to any S18A approved organisation up to a value of 10% of their taxable income.

1. Individual Donors: If you're an individual taxpayer and you donate to Genesis Trust, you can claim a deduction for the amount donated when filing your taxreturns.

2. Corporate Donors: Businesses and corporations can also benefit from Section 18A tax deductions for donations made to our organization. These deductions can be valuable for Corporate Social responsibility initiatives and community support projects.

Questions and Answers:

Q: How do I know if Genesis Trust qualifies for Section 18A tax exemption?

A: Genesis Trust is registered as a PBO and NPO with the South African Revenue Service (SARS) and meets the criteria outlined in the Income Tax Act. You can verify our status by checking the SARS website or contacting us directly for confirmation.

Q: Are there any limits on the amount I can claim as a deduction for donations to Genesis Hope Foundation?

A: Yes, there are limitations on the deductible amount based on your taxable income and the type of organization you donate to. Generally, deductions are capped at a certain percentage of your taxable income, and different rules may apply to individual and corporate donors.

Q: How do I obtain a Tax - deductible receipt?

A: Please email your request to Lynn@genesishope.co.za.

You will need to provide us with your name, address, phone number and email, along with your ID number and Income Tax number.

Companies need to supply their company registration number.and we can issue you with a receipt/certificate via email.

Non-Qualifying Donations:

• Donation of services rendered such as a professional person renders a skill free of charge.

• An amount paid for attending a fundraising dinner, dance or charity golf day.

• The amount paid for the successful bid of goods auctioned to raise funds by an institution and Memorabilia, paintings, etc. donated to be auctioned to raise funds.

• Amounts paid for raffle or lottery tickets.

• Amounts paid for school fees, entrance fees for school admittance or compulsory school levies.

• Value of free rent, water and electricity provided by a lessor to the lessee which is an approved PBO.

• Payments in respect of debt due.

Supporting Genesis Trust through donations not only contributes to our mission of making a positive impact in our community but also provides you with valuable tax benefits under Section 18A.

Please feel free to contact us if you have questions.