SARS Assisted Corporate Bursary Programme
Are you aware than an employee is able to deduct the cost of schooling and university from their gross income?
Few employers are aware that this program even exists, however it has been around since 2010, although the qualifying annual salary was capped at only R100 000 and as such not only were a large portion of employees excluded, but the tax benefit gained was largely irrelevant.
The qualifying salary has now been increased to R600 000 per annum and as such there is a far greater opportunity for employers and employees to take advantage of this. This means that someone earning R600 000 per annum can save themselves over R15 000 per annum if they have two children attending school.
This is a great way to offer staff a real benefit. It is easy to implement and comes at little or no cost to you as the employer.
For more information on Smart Funder contact IPM and we can take you through the details: