THE Employment Tax Incentive (ETI) calculations explained

Formulas are sometimes difficult to understand so we have step-by-step examples and a handy ETI calculator. The examples and the ETI calculator are intended to help you work out your incentive amount which may be claimed. We draw your attention to the following:  Disclaimer: What is contained in this calculator is intended as a guide only and is not considered to be a legal reference nor is it a binding ruling. The calculator does not take the place of legislation and readers who are in doubt regarding any aspect of the information displayed in the questionnaire should refer to the relevant legislation, or seek a formal opinion from a suitably qualified individual. More information Contact us It remains the responsibility of the employer to ensure the information provided, when using the ETI calculator, is accurate and the requirements are met for the employer and the employees to qualify. [spoiler title=”Example Read More …

Tax Alert – Employment Tax Incentive

The Employment Tax Incentive Act 26 of 2013 (ETI) was promulgated on 18 December 2013. The purpose of the ETI is to encourage youth employment and reduce unemployment, and will remain in place until 1 January 2017. The ETI came into operation on 1 January 2014 and will apply to qualifying employees employed on or after 1 October 2013 by eligible employers, which in effect means that the first claims for the incentive will be submitted with the January 2014 employees’ tax monthly return on or before 7 February 2014.