What is the SmartFunder Benefit?
If you currently pay school or study fees for your children or relatives, we can help you save every month by moving your qualifying educational expenses from a post-tax to a pre-tax expense.
Please watch this 90 second video for more information: https://www.smartfunder.co.za/about
SmartFunder Benefit Qualifying Criteria
• Have you earned R600 000 or less in total remuneration from March 2020 to February 2021?
• Do you pay school or study fees for any of your relatives up to the 3rd degree of consanguinity?
You qualify for this benefit if your answer is “yes” to both of these questions.
• Up to R20 000 per relative per year for grade R – 12 or an NQF level 1 – 4 qualification;
• Up to R60 000 per relative per year for a tertiary NQF level 5 – 10 qualification.
If your educational expenses are more than the above-mentioned monetary thresholds, you can still process the full amount via the SmartFunder platform, which will be paid directly to the educational institution, receiving the tax benefit on only the qualifying amounts.
Tax Savings Matrix
The following tax savings matrix illustrates the potential annual tax saving according to your taxable income on the y-axis and your number of relatives on the x-axis utilising the maximum bursary amounts. Please note that these are indicative values and may vary per individual case.