Do I get a tax break on my donations?
Yes, the TomorrowToday Foundation will issue donors with a receipt and South African taxpayers can claim a tax deduction of up to 10% of their taxable income. Donors from other parts of the world need to take advice as to whether or not they are eligible for similar tax breaks.
Is the TomorrowToday Foundation registered?
Yes, the TomorrowToday Foundation operates as trust structure and has a formal Letter of Authority issued by the Masters office. It is also a registered as a Public Benefit Organisation (PBO) with the South African Revenue Service and is exempt from the payment of taxes and duties.
Is it only for South Africans?
No, the TomorrowToday Foundation can accept donations from anywhere in the world.
Does it only support South African charities and activities?
No, the TomorrowToday Foundation is not restricted in terms of supporting only South African charities and activities. However, where the donor is getting a South African tax break at least 85% of the proceeds must be utilised in South Africa.
What organisations does the TomorrowToday Foundation support?
In order to maintain its tax exempt status the TomorrowToday Foundation is required is to channel its efforts and activities into a set criteria of activities. These are broadly along the lines of giving assistance to the poor, orphans, AIDS sufferers, homeless, education support and such like.
Can I designate a recipient charity for my donation?
Yes you can, however for practical purposes only donation above R100,000 will be open for pre-designated determination.
Other than the tax break, are there other advantages to contributing to the Foundation?
The answer to this question is an emphatic YES;
- Bequests to the TomorrowToday Foundation are free of South African estate duty of 20%.
- Corporate donors can also score BE points in terms of their donations.
- Assets bequeathed in kind to the TomorrowToday Foundation give the donor exemption from transfer duty and capital gains tax.
How much is the administrative cost of running the TomorrowToday Foundation?
- Administrative costs will be kept to the minimum.
- The Trustees and admin support staff are giving their services, time, skill and efforts free of charge.
- The TomorrowToday business is paying for all bank charges and related admin expenses.
Contact the TomorrowToday Foundation to make a donation or for more information