PNEUMATIX PBO TRUST
Pneumatix PBO Trust has also been approved as a Public Benefit Organisation (PBO Trust - IT1422/2005) in terms of section 30 of the income Tax Act and the receipts and accruals are exempt from income tax in terms of section 10(1)(1cN) of the Act. Pneumatix therefore is a non profit organisation registered in terms of the Non Profit Organisations Act 1007 (Act No 71 of 1997).
As a non profit organisation, Pneumatix depends on the public and industry for funding to reach its goals and objectives.
Pneumatix PBO Trust has been approved for the purposes of section 18A (1)(a) of the act whereby donations to the organisation will be tax deductible in the hands of the donor. The taxpayer, whether a company or an individual, making a bona fide donation in cash or in kind to a section 18A approved organisation is entitled to a deduction from the taxable income.
The donor will be allowed to claim a deduction for a donation to a section 18A approved organisation if it is supported by a receipt. The relevant tax deductible receipt with the required information will be supplied to the donor.
Bequests or accruals from the estates of deceased persons in favour of the Public Benefit Organisation are exempt from the payment of estate duty in terms of the estate Duty Act, Act45 of 1955.
Donations in fixed property, shares and in trading stock can be made under certain conditions.
All tax benefit donations should be paid into the Pneumatix PBO Trust bank account. The proof of payment must be faxed to our office, with the following information for the receipt to be issued:
This receipt will be posted at the end of each month to the address provided.
The Trustees of this Trust consist of Business men form different sectors. Their aim is to ensure that Pneumatix is managed in a very professional way.
|Dawie Spangenberg||(Chairman)||Operations Director of CWC SA|
|Francois de Kock||(Founder)||CEO of Pneumatix|
|Dr. Paul Barnard||(Trustee)||Family Minister NG Helderberg|
|Dr. Dion Forster||(Trustee)||Power Group of Companies|
|Corne de Kock||(Trustee)||Finance Manager Pneumatix|