Section 348: audit

What Section 348 says

"Where the total income of a registered non-profit organisation, without giving effect to the provisions of this Part, exceeds the maximum amount which is not chargeable to income-tax in any tax year, the accounts of such registered non-profit organisation for that tax year shall be audited by an accountant and the person in receipt of the income shall be required to furnish a report of an audit of such income by such date in the prescribed form, duly signed and verified by such accountant and setting forth such particulars, as may be prescribed."

What is required

The trigger is the same pre-exemption total income test as in Section 347 - if total income (before giving effect to this Part's exemptions) exceeds the maximum amount not chargeable to tax for the tax year, then:

• The organisation's accounts for that tax year must be audited by an accountant
• The person in receipt of the income must furnish an audit report, in the prescribed form, by the prescribed date, duly signed and verified by the accountant, and setting forth the prescribed particulars

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