Mandatory grant claims, the Workplace Skills Plan (WSP), and Annual Training Report (ATR) are important components of South Africa’s Skills Development Act. Every year, employers are required to submit their WSP and ATR reports to their relevant SETA before the cut-off date. Failure to do so can result in losing out on funding opportunities and not being compliant with the law.
Submitting WSPs makes an employer eligible for funding opportunities such as grants, bursaries and tax incentives from various institutions such as the SETA, Department of Higher Education, SARS and others. The funding windows vary depending on the institution, but most are announced throughout the year. Access to these funds could help employers to improve the skills of their staff, increase productivity and ultimately grow their business.
In addition to accessing funding, employers can also claim back certain expenses from SARS when investing in learnerships. Learnerships are programmes that combine theoretical learning and on-the-job practical experience, offering employees an opportunity to gain new skills while on the job. By investing in learnerships, employers can claim back up to R80,000 per learner.
Consider an example where an employer invests in a learnership programme for 50 employees. The employer would be able to claim back up to R4,000,000 from SARS. This is a significant amount of money that could help businesses reinvest in other areas.
However, it is important to note that employers cannot submit their WSP and ATR reports without an Skills Development Facilitator (SDF). An SDF is essential to the success of any WSP and ATR, as they provide guidance and support in identifying areas of skills development and facilitating the training process for the business.
At CoetzeeHR Consultants, we offer SDF services to assist businesses in their compliance with the Skills Development Act. Our expertise and experience make us a reliable partner for businesses looking to develop their staff and stay compliant.
In conclusion, submitting your WSP and ATR on time is critical to accessing funding opportunities and complying with the law. Investing in learnerships can result in significant tax refunds from SARS, which could ultimately benefit the financial bottom line of a business. Remember that an SDF is essential to the success of any WSP and ATR report, and CoetzeeHR Consultants can assist with this process. Let us help you grow your business and develop your employees.