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Have you declared the donation you made on Mandela Day yet? No? Well here's how to

by , 21 July 2014
Did your company do its good deed for Mandela Day last week? Perhaps you donated money to a struggling start up or handed over old computers to a small foundation.

Whatever it was, you know you gave back to the community. The problem is, SARS will know soon enough too. You can't hide these transactions from it.

If you do and it finds out, you're looking at a 200% penalty at best!

So read on to find out how to declare your donation and avoid this conflict with SARS...

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Here's how to declare that donation you made for Mandela Day?

You must declare any donation you make as soon as possible. Remember that donation can be:
- Money;
- Housing;
- Farming land;
- Cars;
- Trademarks;
- Shares in your company; or
- Anything that has value, whether it's physical or not.
To declare it, you must get an IT 144 form and complete it. This form requires all of your company's details, the donee's details and the details about the donation (when and how much you donated).
You must hand this form in when you declare and pay your donations tax. But there's a time limit on this, so be careful...

Be aware of the time limit on paying and declaring your donations tax

Anytime you make a donation, you have until the end of the next month to declare it and pay the tax.
So if you made a donation for Mandela Day last Friday, you have until the end of August to declare and pay!
So ensure you follow these rules so your charitable donation doesn't land you in serious trouble with SARS and a 200% penalty!
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