5 Smart Ways to Save on Your Taxes Before Year-End
The 2024-2025 tax year is approaching. With that comes the responsibility of filing your return, ensuring compliance and looking for ways to maximise your tax savings.
One way you can save on your taxes is by donating to a reputable, credible non-governmental organisation (NGO) like FoodForward SA (FFSA). This is not only an effective way to reduce your taxable income, but also an impactful way to contribute to South Africa’s fight against food insecurity and malnutrition.
By donating to FoodForward SA, not only do you put yourself in a favourable tax position, but you also help us make a meaningful impact in vulnerable communities across the country, where we recover quality surplus food from across the food system to provide nutritious meals in under-served communities.
‘’Your seemingly small contributions can help us make a big difference. In South Africa, more than 10 million tonnes of food is wasted every year. This accounts for one third of the 31 million tonnes of food that are produced annually in South Africa, but never eaten. By timeously recovering edible surplus food, we can reduce the environmental impact of food loss and waste, while addressing food and nutrition security at scale” says FoodForward SA managing director Andy Du Plessis.
5 Reasons Why Your Company Should Donate Before the Tax Year-End
Tax deduction for the current year Tax deductions for charitable donations are claimed for the tax year in which the donation is made. By donating before the end of 28 February 2025, donors can ensure they qualify for deductions for the current tax year.
Fulfilling annual giving goals and promoting financial planning Many individuals and corporates plan their charitable or CSI giving based on annual budgets or financial plans. Donating before the end of the tax year allows donors to fulfil their annual giving goals and make a positive impact on non-profit organisations.
Maximising tax benefits Donors who donate before the tax year deadline (28 February 2025) can maximise their tax benefits for the current year, leading to potential reductions in their taxable income and lower tax liability.
Supporting immediate needs Non-profit organisations may have immediate needs that require financial support. Donating before tax year-end allows donors to contribute when their assistance is most timely and impactful.
Making a difference It may sound cliché, but your donations make a difference, literally! When you donate you enable FFSA to reach more vulnerable communities.
When you donate you will be provided with a consolidated tax certificate that lists all the donations you’ve made during the tax year. This certificate can be submitted to SARS, ensuring an easy, transparent process for claiming deductions.
To donate before the tax deadline, click here