Tax exempt bursary or scholarship

A bona fide bursary or scholarship granted to any person (i.e. an “open” bursary) to study at a recognised educational or research institute is exempt from tax.

If the bursary or scholarship is granted to an employee (i.e. a “closed” bursary), it will be exempt from tax as long as the employee agrees to repay the employer if the employee fails to complete the course of study. No repayment is necessary if the failure directly results from death, ill-health or injury.

If the bursary or scholarship is granted to an employee’s relative (i.e. a “closed” bursary):

  • If the employee’s remuneration proxy was above R400 000, then the full amount of the bursary is taxable (i.e. no exempt portion) irrespective of the value of the bursary.
  • Also exempt if granted to a relative of an employee, unless the employee’s remuneration for the previous year of assessment was above R400 000. 
  • If the employee’s remuneration proxy was R400 000 or less, then the first R15 000 (per annum) of the bursary is exempt if it is for basic education (up to NQF level 4) or the first R40 000 (per annum) of the bursary is exempt if it is for higher education (NQF level 5-10).
  • With respect to employer provided exempt bursaries, it is proposed for the 2017/18 tax year to increase the income eligibility threshold for employers from R400 000 to R600 000, and the monetary limits for bursaries from R15 000 to R20 000 for education below NQF Level 7, and from R40 000 to R60 000 for qualifications at NQF Level 7 and above.

If the bursary is taxable, it must be taxed as a fringe benefit (even though bursaries are not specified in the Seventh schedule which deals with fringe benefits), and reported against code 3809 for basic education and code 3820 for higher education. The exempt portion must be reported against code 3815 for basic education and code 3821 for higher education.

INTEGRITY ACADEMY is a recognised educational institution.

FSB approved NQF5 Qualifications are offered by INTEGRITY ACADEMY. See FSB Board Notice 76 of 2015, List 1, item 548 List no 22

22

NATIONAL CERTIFICATE: WEALTH MANAGEMENT

188

SGB INSURANCE AND INVESTMENT

57608/66611

5

120

G

G

SP

SP

SP

G

S

G

G

G

G

G

G

SP

G

G

G

G

G

S

G

 
                                                     

Item 445 List no 218

218

FURTHER EDUCATION AND TRAINING CERTIFICATE: SHORT TERM INSURANCE

188

SGB INSURANCE AND INVESTMENT

49929/66610

4

150

G

S

G

G

-

S

-

-

-

-

-

-

-

-

-

-

G

G

G

G

G

 
                                                       

Item 447 List no 24

24

FURTHER EDUCATION AND TRAINING CERTIFICATE: WEALTH MANAGEMENT

188

SGB INSURANCE AND INVESTMENT

57917 / 66613

4

150

G

S

G

G

-

S

-

-

-

-

-

-

-

-

-

-

G

G

G

G

G

 
                                                       

We are listed against the qualification at SAQA (South African Qualification Authority) for these qualifications and Accredited by INSETA, Accreditation number: 130248

We offer a LIMITED discount on our National Certificate Wealth Management: NQF5. SAVE R2 190 when you register and make payment for the full qualification. Within the next month or two, we will revert back to our normal price structure in preparation for the 2018 Academic year.

Registration open 24/7 365 days a year. Once payment is confirmed access will be granted immediately and you can start your studies.

Contact INTEGRITY ACADEMY at 012-3481098 or This email address is being protected from spambots. You need JavaScript enabled to view it. for further information.

You can register for 9 different curriculum with INTEGRITY ACADEMY.

INTEGRITY ACADEMY

We are an INSETA registered company. All the qualifications are approved by SAQA and are part of the FSB list of recognised qualifications.