1. We are a new firm and would like to know how to register with the Seta.
The Minister of Finance proposed in his budget speech of February 2005 that the R250,000 payroll per annum threshold for the 1% Skills Development Levy (SDL) exemption be increased to R500,000. It was proposed that the requirement for an employer to pay SDL, if only one employee is liable for income tax, be removed. These proposals were incorporated into amended legislation, effective from August 2005.
An employer is not liable for payment of the SDL with effect from 1 August 2005 where the leviable amount does not exceed R500,000 over the next twelve month period. Where the leviable amount equals or exceeds R500,000 over the next twelve month period, then the SDL of 1% takes effect. If a firm is SDL exempt, but has made a payment for these months, SARS will process a credit to the employer. Firms who fall below the threshold of R500,000 may not voluntarily pay the levy.
In November of 2005 SARS issued a notice informing newly exempt employers of the SDL or employers incorrectly identified as exempt, to rectify their status from exempt to levy-paying.
If you are a levy paying company, SARS will allocate you to the relevant Seta. If you are a non-levy paying company and your main business function is finance and accounting related, then you will be able to register with Fasset as a Non-Levy Paying (NLP) Member (Government Gazette, No. 27801, No. R. 713 18 July 2005 allows Setas to provide benefits to employers who are not eligible to pay the SDL in terms of the Skills Development Levies Act (1998).) Click here to download the form.
2. Who should register with Fasset?
If any of the legal entities in your organisation have the following as its core business, then it needs to register with Fasset: 81904 Investment Entities and Trusts
83110 Administration of Financial Markets
83120 Security Dealing Activities
83121 Stock Broking Activities
83180 Development Corporations and Organisations
83190 Activities Auxiliary to Financial Intermediation
88101 Tax Services
88102 Asset Portfolio Management
88103 Company Secretary Services
88120 Accounting, Bookkeeping and Auditing Activities
88121 Activities of Accountants and Auditors Registered in terms of the Public Accountants
88122 Activities of Cost and Management Accountants
88123 Bookkeeping Activities, including Relevant Data Processing and Tabulating Activities
88140 Business and Management Consultancy Activities
88142 Project Financial Management
91108 South African Revenue Service (SARS)
9110E Dept of State Expenditure and Finance
Other If your organisation or one of its legal entities is registered with Fasset but does not have one of the above as its core area of business, you should transfer to the correct Seta via the Inter-Seta transfer process.
3. How can I get involved with Fasset and make a contribution?
You can become a member of one of the working committees:
4. Are you a governmental organisation or a private organisation with which we must be affiliated?
Fasset is not a private organisation, rather it is a public entity established in terms of the Skills Development Act of 1998. Levies are collected by SARS and then the proportional share is transferred to Fasset if the core function of the business falls within the Fasset sector.
5. What is an SMME?
SMME is an acronym that stands for Small Medium and Micro Enterprise, and in the financial services sector, this refers to employers employing no more than 50 employees.
The definition, according to the National Small Business Act (102 of 1996), broadly refers to:
6. How do state organisations benefit from registering with Fasset?
The administrative portion that many state departments pay to relevant Setas will allow them to benefit from a number of Seta activities. In the case of Fasset, certain state departments contributing towards the administrative budget of Fasset may make use of the following benefits:
7. Can we receive the skills development legislation in Afrikaans?
Please send your request to the Government Printing Works
8. How do I decide where to register my company?
Look at the core business of each legal entity within your organisation. For example, one of your subsidiaries may be involved in manufacturing, another in agriculture and another in construction, while your holding company is largely involved in providing Financial Services to the Group. Register each legal entity with the relevant Seta or decide where the main business activity is located.
A complete list of Setas and Standard Industrial Classification (SIC) Codes is available on our website.
9. How will I know what to do in order to comply with the requirements?
Your Seta will send you all the necessary information, including the requirements and timetable for action by you, as well contact details for assistance to ensure you receive the maximum benefit from the skills development, and Fasset, initiatives.
10. How many Setas are there?
There are currently 21 Setas which is a revision from the 25 originally registered in 2001
11. What is Fasset’s definition of the terms ‘black people’ and ‘people with disabilities’?
Due to the need to transform the sector, as evidenced by the relatively low levels of employment of black people, and people with disabilities in our sector (such detail is contained in the Fasset research documents available under Research), Fasset’s Board have identified portions of Fasset funding to be allocated to certain interventions in line with the research conducted and the needs expressed.
When defining the term black and people with disabilities, Fasset considers the definitions and guidelines published in the Employment Equity Act and the Black Economic Empowerment Act.
The term ‘black’ includes Africans, coloureds and Indians.