The Skills Development Levies Act (No 9 of 1999) (SDLA) established a compulsory levy scheme for the purpose of funding education and training as envisaged in the Skills Development Act (No 97 of 1998) (SDA). The levy became payable with effect from 1 April 2000. The Department of Higher Education and Training (DHET) in conjunction with the various Setas, is responsible for administering the Act, while the South African Revenue Service (SARS) is responsible for the collection of levies.
Fasset is the Sector Education and Training Authority (SETA) for the finance and accounting services sector. The industries related to the Fasset sector include:
Employers who are liable for payment of the Skills Development Levy (SDL) to SARS, have to nominate the SETA related to their core business upon registration. SDL is paid monthly to SARS together with PAYE and UIF contributions, and SARS then allocates this to the relevant SETA. Any employer exempt from SDL payment can apply for registration as a Fasset non-levy paying member, if its core business relates to the industries listed above. Refer to the NLP Registration Form for more information.
Employers can claim 20% of its total levy contribution annually, called the Mandatory Grant, through submission of an accepted Skills Development Plan (SDP). An SDP is due by latest 30 April each year. Please refer to the latest guidelines for SDP submissions.
Discretionary funds consist of 49.5% of levy contributions, as well as all monies related to unclaimed Mandatory Grants. Fasset funds additional grants and projects aligned to the scarce skills and overall skills development strategy of the sector from discretionary funds.