Light bulb moment #5: Presentation of Annual Financial Statements
When you prepare your annual financial statements, do you: A) Go for the “bare minimum” option; or B) Look for a presentation that will give your stakeholders and your potential funders a clear and easily understood picture of your financial health? In answering A, we are sure that you are looking to minimise costs whilst […]
Light bulb moment #3: SARS returns and penalties – serious business!!
SARS returns and penalties – serious business!! Why must a public benefit organisation (“PBO”) approved for income tax exemption submit an annual income tax return (IT12EI) if it has no tax liability? The SARS response to this question is that “[t]he income tax return enables the Commissioner to assess whether the organisation approved as a […]
