Employee Benefits - How it works

The Bursary Explained

The Educational Tax Benefit for employees which EdNVest administers and facilitates for employers, deals specifically with section 10(1)(q) on the Income Tax Act 58 of 1962.

Employee Benefits
Explainer for Employee

Employee Benefits
Explainer for Employer

Qualifying Criteria

How to qualify for employee benefits through EdnVest

  1. You need to be paying for your child or relatives’ education.
  2. You need to register the child or relative and be able to submit proof of payments towards their education fees and expenses.
  3. You need to have earned less than R600,000 (Remuneration) for the financial year ending February 2020, to eligible for the tax-relief.
  4. Your child or relatives need to be enrolled at a recognised educational or research institution.
employee benefits

Qualifying Criteria

How to qualify

  1. You need to be paying for your child or relatives’ education.
  2. You need to register the child or relative and be able to submit proof of payments towards their education fees and expenses.
  3. You need to have earned less than R600,000 (Remuneration) for the financial year ending February 2020, to eligible for the tax-relief.
  4. Your child or relatives need to be enrolled at a recognised educational or research institution.
employee benefits

Explaining the Process

From Sign up to Increasing your Take Home Pay

  1. Your Employer needs to sign up with EdNVest.
  2. You need to register for the Education Tax Benefit.
  3. If you qualify, you will receive login details to your own profile where you can upload the details of the relatives whose education fees and expenses you are currently paying for.
  4. Each month, you will need to upload the receipts of payments that you have made.
  5. EdNVest, along with your employer, will ensure that the tax employee benefits reflect on your payslip.

How much can I save?

Use our Benefit Calculator below to estimate how much PAYE you could potential save if you qualify for the Education Tax Benefit.

(Max. R 20, 000 per child/relative)

(Max. R 60, 000 per child/relative)

How much PAYE can I save?

Estimated savings per year: R
Estimated saving per month for 2022/2023 tax year: R
Estimated EdNVest admin fee per month: R
*The above are only estimated savings in PAYE and is subject to final calculations upon review of your salary slips or IRP5's of each qualifying employee.
employee benefits

How much can your Company’s employees save?

Create new employee benefits for your team. Quickly estimate how much your employees could potentially save on their PAYE based on their children’s or relatives’ monthly education costs by using the PAYE savings calculator below.