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BEE solutions for the new era
April 20, 2018
From 2017, with the effect of the new BEE legislation, the question most business owners ask is ... how to earn BEE points on my scorecard?
We spend endless hours working toward a solution for you, and the good news is .... we found it!
In short, a BEE scorecard is calculated based on these factors:
◦Skill development / learnerships
◦Enterprise & supplier development
◦Socio-economic development initiatives
◦Responsible social marketing and communications
To earn an additional number of points you need to focus on Enterprise and Supplier development, but mostly on the skill development and learnerships part of the process.
In short, you would have to increase the number of learnerships, to the leviable amount of your payroll.
Through this, you will receive an increasing amount of weighting points
towards your BEE scorecard.
Your income tax benefits for learnerships are stated below:
1. Annual tax deductible allowances for newly entered and completed qualifying learnerships.
2. By using the youth employment incentive from SARS for employees, earning between R 2,000 and R 6,000 per month.
The above is a concise summary of a potential increasing way to improve your BEE scorecard. It will require a lot more consultation to prepare your company for this adequately, but it will be worth every second of your efforts.
Feel free to contact us. We have a specialist that will attend to maximizing the level of your BEE Scorecard
If you found this article interesting and helpful, please share with a fellow entrepreneur friend.
How can we assist you?
Contact us for your monthly accounting and tax needs.
I have been in the industry for more than a decade and would love to assist you with your start-up or running business needs.
Feel free to send comments and/or questions to my inbox.
Feel free to contact us with your accounting, income tax or company start-up needs.
Yours in Tax,
Member of Institute of Accounting & Commerce.
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