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When does the roll-over of donations in excess of the ten per cent deduction limit come into effect?

24 February 2015   (0 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

Q: When does the roll-over of donations in excess of the ten per cent deduction limit come into effect?  Can I apply the roll-over of excess donations made in 2014 tax year to the 2015/02 provisional tax estimate?

A:The amended section 18A(1)(B) ITA, that contains the current roll-over of donations exceeding the threshold, applies to donations paid or transferred in years commencing on or after 1 March 2014 i.e. 2015 tax year. You will therefore not be able to apply the roll-over of excess donations made in 2014 tax year for the 2015/02 provisional tax estimate.

Disclaimer: Nothing in this query and answer should be construed as constituting tax advice or a tax opinion. An expert should be consulted for advice based on the facts and circumstances of each transaction/case. Even though great care has been taken to ensure the accuracy of the answer, SAIT do not accept any responsibility for consequences of decisions taken based on this query and answer. It remains your own responsibility to consult the relevant primary resources when taking a decision.


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