From 2017, with the effect of the new BEE legislation, the question most business owners ask are … how to earn BEE points on my scorecard. We spend endless hours working toward a solution for you. I the good news is … we found it!
In short, a BEE scorecard is calculated based on these factors:
- Management control
- Skill development / learnership
- Enterprise & supplier development
- Socio-economic development initiatives
- Responsible social marketing and communications
To earn a potential and increase number of points you need to focus on enterprise and supplier development, but mostly on the Skill development and learnership part of the process.
In short, you would to increase the amount of learnership to the leviable amount of your payroll.
Through this will receive an increase amount of weighting points towards your BEE scorecard.
Your income tax benefits for learnerships are as follow:
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 very short summary of a potential increasing way to improve your BEE scorecard.
It will require a lot more consultation to fully prepare your company for this, but it will be worth every second of your efforts.
Feel free to contact us to assist you further.
We are currently members of the Institute of Accounting & Commerce (The principle director JN Basson are registered with practice number AO652993) & South African Institute of Tax Practitioners.
If you do feel that you are in need of these services and would like us to assist you, please complete the enquiry form below:
Simply complete the enquiry form below and one of our consultants will contact you on how we can provide assistance.