Tax Saving Tip | Ndzumo Consulting
Do you know about the tax benefit available to your company, if it participated in a learnership ? A learnership is a work based learning programme that leads to an NQF registered qualification. Learnerships are directly related to an occupation or field of work, for example, electrical engineering, hairdressing or project management etc. Learnerships are managed by Sector Education and Training Authorities (SETAs).
taxation, accounting , advisory, training-development, payroll
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Tax Saving Tip

Do you know about the tax benefit available to your company, if it participated in a learnership ?

What is a learnership ?

A learnership is a work based learning programme that leads to an NQF registered qualification. Learnerships are directly related to an occupation or field of work, for example, electrical engineering, hairdressing or project management etc. Learnerships are managed by Sector Education and Training Authorities (SETAs).

What tax benefit is available ?

The tax benefit is an allowance that is made up of two parts:

1. An annual allowance – this is available for each year of assessment in respect of which the learner partakes in the learnership. It’s apportioned, if the agreement was not in effect for the full year.

2. A completion allowance – a once off allowance available in the year of assessment in which the learner successfully completes the registered learnership agreement. It’s claimed in addition to the annual allowance, meaning that in the year of completion, the employer can claim both the annual allowance and the completion allowance. If the Learnership exceeds 24 months, then the completion allowance is multiplied by the number of consecutive 12-mth periods within the duration of that learnership.

Person without disability

Qualification

NQF 1 – 6

NQF 7 – 10

Annual Allowance

R 40 000

R 20 000

Person without disability

Qualification

NQF 1 – 6

NQF 7 – 10

Completion Allowance

R 40 000

R 20 000

The tax allowances are even higher for learners with a disability.

 

Happy Tax Savings 🙂

 

Pamella Jabu Ndzumo
Managing Director

Accounting Plus (Pty) Ltd l Registration # : 2017/055363/07 l Registered Accountant – Membership # : 20211377 l SARS Registered Tax Practitioner – Membership # : PR-0098910 l Cell : 083 212 8588 l Websitewww.ndzumoconsulting.co.za l Proudly level 1 BEE Compliant l Proudly 100% female owned

 

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