The cost of educating our youth has grown exponentially and has become a major burden on many parents and caregivers. Rewarding employees and creating loyalty remains a costly exercise for employers.
Employers are faced with the daunting task of finding creative initiatives to successfully implement employee benefits that are not associated with huge financial and administrative strains to them.
Employers and employees can benefit from the lesser-known and underutilised tax-deductible education benefit for the relatives of employees, as offered by SARS, which can significantly impact the lives of its employees financially.
Section 10(1)(q) of the Income Tax Act 1962 makes exempt from taxable income, any bona fide scholarship or bursary granted to assist or enable a relative of an employee to study at a recognised educational or research institution.
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