Issuu on Google+



If you start University Going to University is like, in sports, making the national team directly from the school’s team. It means you take a massive step up, says Andre Van Zyl from UJ. “It is academically TOUGHER to get a university qualification than ANYTHING you have faced up to now. But it is worth it!â€? What is important but not enough • To have the potential • The right intentions (you will have much more freedom at home and will mix with wealthier kids. Girls, booze‌there will be many temptations) • The right attitude • The right vision (where do you see yourself in 5 years?) What else is needed? • New study methods (read them on Wits website) • Attending class and managing your time well (if you miss lectures, you won’t know what is important in the course materials) • Taking responsibility (manage your time well and create a workload planner) • Working harder • Asking for help – your parents, teachers, mentor won’t know if you get into trouble, YOU have to know and ask for help (sooner rather than later) • Getting help earlier rather than later (don’t be scared to ask for help, if you need academic, psychological or financial support which exists in each Varsity) At UJ, you will be kicked out in November if you pass less than 50 % of your modules, but don’t be depressed if you fail the first tests. Just keep up and know your goals ! If you have a bursary, use it for yourself – resist the pressure of your family to buy food for them. In any case, ask a second year student to help you to manage your finance. Almost one third of the students fail their first year, don’t be one of them.

Cordless Fones :HDUHWKH([SHUWV

WE SPECIALISE IN: Â&#x2021;/$1'/,1(3+21(66.<3()$;35,17(56 27+(5+20( $1'2)),&((/(&7521,&$33$5$786 Â&#x2021;/21*5$1*(/$1'/,1(&25'/(663+21(62/87,216)25 Â&#x2021; 2)),&(6 Â&#x2021; )$&725,(6 Â&#x2021; ,1'8675,$/<$5'6 Â&#x2021; :$5(+286(6 Â&#x2021; 9RLS /2:(57(/(3+21(%,// WE ALSO SUPPLY ACCESSORIES INCLUDING: Â&#x2021; &+$5*(56$1'32:(56833/,(6 Â&#x2021; %$77(5,(6 Â&#x2021; &$%/(6 Â&#x2021; 5(3$,5621$//3+21((/(&7521,&6$33/,$1&(6 &20387(56$1'5287(56


2222 April 2014 April 2014 Alex Pioneer PAGE 5


THE BENEFITS OF REGISTERING A PUBLIC BENEFIT ORGANISATION N on-profit organisations play a significant role in society as they undertake a shared responsibility for the social and development needs of the country thereby relieving the financial burden, which otherwise falls on the State. In light of the important role played by these organisations, they are afforded a level of â&#x20AC;&#x153;tax friendly treatmentâ&#x20AC;?. In other words, nonprofit organisations which have been registered as a Public Benefit Organisation (â&#x20AC;&#x153;PBOâ&#x20AC;?) are given special tax treatment and such compliant organisationâ&#x20AC;&#x2122;s receipts and accruals are exempt from certain South African taxes. For example: â&#x20AC;˘Any donations made by or to a PBO are exempt from donations tax which is currently levied at 20%. â&#x20AC;˘Where property has been left to an approved PBO in terms of a deceasedâ&#x20AC;&#x2122;s will, such property is excluded from the value of the deceased estate for estate duty purposes. â&#x20AC;˘PBOs are exempt from paying transfer duty in respect of any property which is acquired by it.However, the exemption from transfer duty will only apply if the property will be is used for the purposes of carrying on one or more approved public benefit activities (â&#x20AC;&#x153;PBAâ&#x20AC;?). In order to register as a PBO with the South African Revenue Service (â&#x20AC;&#x153;SARSâ&#x20AC;?), an organisation must comply with a number of provisions, set out in section 30 of the Income Tax Act (â&#x20AC;&#x153;the Income Tax Actâ&#x20AC;?). In order to register as a PBO, certain requirements set out in the Income Tax Act must first be met. Each such requirement is discussed below. First requirement This relates to the manner in which the non-profit

organisation is set-up and in order to qualify as a PBO, a non-profit organisation must be constituted in one of the following ways: â&#x20AC;˘Non-profit company; â&#x20AC;˘Trust; or â&#x20AC;˘Voluntary association of persons.

Second requirement The sole or principal object of the organisation must be the carrying on of one or more PBA. All PBAâ&#x20AC;&#x2122;s must be carried on in a non-profit manner and must be carried on with a charitable intention. PBA can be placed into one of the following broad categories of activities: â&#x20AC;˘Welfare & Humanitarian; â&#x20AC;˘Health Care; â&#x20AC;˘Land & Housing; â&#x20AC;˘Education and Development; â&#x20AC;˘Religion, Belief or Philosophy; â&#x20AC;˘Cultural; â&#x20AC;˘Conservation, Environment and Animal Welfare; â&#x20AC;˘Research and Consumer Rights; â&#x20AC;˘Sport; â&#x20AC;˘Providing Funds, Assets or Other Resources; and â&#x20AC;˘General. Third requirement No PBA carried on by the PBOcan be intended to directly or indirectly promote the economic self-interest of any fiduciary or employee of the PBO, otherwise than by way of reasonable remuneration payable to that fiduciary or employee. Fourth requirement PBAâ&#x20AC;&#x2122;s must be for the benefit or, or be widely accessible to, the general public at large, including any sector of the general public, but not just for the benefit of small and exclusive groups. It is very important that the following is dealt with sufficiently in the founding documents of the

non-profit organisation: â&#x20AC;˘The aims and objectives of the PBO must be clearly set out. In other words, the aims and objectives of the PBO must state that it is to carry on one or more of the PBAâ&#x20AC;&#x2122;s falling under any of the categories listed above. â&#x20AC;˘The activities and resources of the PBO will be applied exclusively in undertaking and enforcing its stated objectives. â&#x20AC;˘Details of at least 3 persons who are not connected persons in relation to each other, need to be set out fully in the founding documents, which persons will accept the fiduciary responsibilities of the PBO. In other words, the 3 directors cannot be family. â&#x20AC;˘It must further be clear that the PBO is prohibited from either directly or indirectly distributing any of its funds to any person, other than in the course of the undertaking of any PBA. â&#x20AC;˘The PBO must comply with any conditions prescribed by the Minister of Finance. â&#x20AC;˘The assets of the PBO must, on dissolution of the PBO, be transferred to any other approved PBO or to any institution, board or body which is exempt from tax. â&#x20AC;˘A PBO cannot accept any donation which is revocable at the instance of the donor. â&#x20AC;˘A PBO is furthermore required to submit to the Commissioner of SARS a copy of any amendment to the founding documents under which the PBO has been established. It is important for qualifying non-profit organisations to note that the application for PBO status can be an efficient process. The benefits of attaining PBO status areinfinite and may ultimately allow a PBO to significantly expand the reach of its activities and thus provide greater assistance to its community.

â&#x20AC;&#x153;Important Legal Notice: The contents of this publication, current at the date of publication set out above, are provided for general information purposes only. They do not constitute legal or other professional advice. Whilst we have taken reasonable steps to ensure that the contents of this publication are accurate, we accept no liability or responsibility, to the extent allowed by law, if any information is for any reason incorrect or corrupted or for any loss or damage that may arise from reliance on the FRQWHQWVRIWKLVSXEOLFDWLRQ6SHFLÂżFOHJDODGYLFHDERXW\RXUVSHFLÂżFFLUFXPVWDQFHVVKRXOGDOZD\VEH sought separately before taking any action based on the contents of this publication. Nothing in this DUWLFOHVKRXOGEHFRQVLGHUHGWREHOHJDODGYLFHDERXW\RXUVSHFLÂżFSUREOHP<RXUSUREOHPLVGHSHQGHQW RQIDFWVVSHFLÂżFWR\RX7KHJHQHUDODGYLFHFRQWDLQHGLQWKLVFROXPQFDQQRWEHUHOLHGRQE\\RXWRDGGUHVV\RXUVSHFLÂżFSUREOHP´

Ap page 5 april