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Employee Tax Incentives
Are you missing out on your employee tax incentive. It could be like having the winning lottery ticket but not checking if you had won. If you are employing young people and training them, chances are government will help carry this cost for you.
There are some rules that apply, when wanting to claim this incentive.
- The business must employ new people, who have never been employed by the business before. The business may also not reduce staff for the purpose of hiring new employees who will qualify for the incentive.
- The new employees need to be between the ages of 18 and 30 year old.
- Your business need to pay at least the minimum wage for the industry you are operating in. If no minimum wages has been set for the industry, you need to pay at least R2000 per month for a full time employee, or the equivalent for a part time employee.
- You as an employer need to be in good standing with SARS to claim the incentive. This means all taxes are paid up to date.
The amount of incentive you are entitled to per employee, is determined on a sliding scale. It start at R1000 per employee when paying R2000 per month and reduces to zero when a salary of R6000 per month is reached.
The incentive is claimed in the form of a reduction in the employees tax the employer needs to pay over to SARS. This means that if your total payroll has R20,000 of PAYE deducted , you can reduce this amount by R1000 when you have 1 qualifying employee that you are claiming the incentive for.
Potentially you can have claims in excess of your PAYE liability to SARS when you are employee many qualifying employee. In these cases the incentives carries over the the next month. Under certain circumstances these incentives can also be paid out to the employer in cash.
This is a good policy implemented by the government to assist the public sector with skills development. It can however be complicated to know if your employees to qualify for you to claim this incentive. The benefit however is worth the effort.
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