Now There’s an App that Calculates Learnership Tax Allowances
KPMG, a global tax and auditing company, recently launched a new app in South Africa. Designed to calculate learnership tax allowances, the Learnership Incentive Tax Tool (LITT) provides additional tax deductions for registered learnerships. Companies can use LITT to generate tax schedules, including the IT180 tax return form, and take control of the necessary data for the additional deduction.
The amount of money claimable depends on the period of time in which the learnership agreement is entered into as well as the NQF level of the learnership training. Up to R60 000 per learner can be claimed in some instances, as well as additional rebates when the learnership has been successfully completed.
Mohammed Jada, Head of Corporate Tax for KPMG South Africa, explains, “This tool, is an important development for encouraging greater employment and up-skilling the South African workforce. By getting this app, your company not only empowers the people in South Africa, but you will be able to derive government sanctioned additional tax benefits, the savings of which can be re-invested into your business.”
Now that skills development is regarded as a primary pillar of the Broad-based Black Economic Empowerment (B-BBEE) codes, an increasing number of corporate companies are approaching Training Force to fully qualify their staff and to handle skills development. Learnership courses allow individuals to gain a qualification on the job thus building practical industry-relevant skills for the working world and improving the talent of their organisation.
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