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If you made a donation for Mandela Day last week, make sure you pay the donation tax on time

by , 21 July 2014
Now that the 18th of July has come and gone and your company did its bit for humanity, you're probably feeling quite good about it.

But as that giving feeling dies down and everyone returns to normal, you have to face the music.

That big, generous donation you made has left you a sizable bit of donation tax. And you may be wondering how long you can put off paying it before you get into trouble?

Well we're here with the answer to help you pay that tax on time...

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Avoid costly tax issues

Now that Mandela Day is over, you're left with the 20% donations tax

Let's say your company made a donation of R50 000 to another company. It seemed like a good idea at the time, but now you have to pay tax of 20% of that R50 000. This means you're going to be another R10 000 out of pocket.
But if you don't pay your donations tax, SARS will slap 200% penalties on you and things will just keep getting worse. 
To avoid this, you must pay this tax on time...

Here's when you must pay you donations tax

You must pay your donation tax by the end of the next month after you made the donation. So if you've just made a donation, the latest you can pay is the end of August.
If you don't pay the tax on time, it won't just be you SARS is after, but the company you donated to as well.
So ensure you pay on time. 
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8 ways to LEGALLY beat the taxman
There are a few CGT loopholes that can save you thousands of rands every single year and, in some cases, let you off the CGT hook completely… 

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If you made a donation for Mandela Day last week, make sure you pay the donation tax on time
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