Wills during Mandela month (July)

Did you know that you can participate in Mandela Day by leaving a bequest or legacy in your Will to a Public Benefit Organisation (“PBO”)?

What is a PBO?

A PBO is any organisation which is:

a non-profit company as defined in section 1 of the Companies Act, 71 of 2008 for a public benefit; and
the income and property of which are not distributable to its incorporators, members, directors, officers or persons related to any of them.

What do PBO’s do?

The principal object is carrying on one or more public benefit activities (in short PBA’s)

listed in Part 1 of the Ninth Schedule to the Income Tax Act, 58 of 1962 such as health care, land and housing, education and development, conservation, environment and animal welfare but to name a few.

How does it benefit you?

Donations and bequests made to registered PBO’s are not subject to donations tax and/or estate duty;
Similarly, assets donated or bequeathed to registered PBO’s are not subject to capital gains tax.

In order for us to assist you simply request assistance with the drafting of a Will by emailing us at info@hannesgouws.co.za.