TERS Payouts to Employees as a component of Equity Remuneration

SOLVED

Remuneration is defined by SECTION B: THE FOLLOWING MUST BE TAKEN INTO CONSIDERATION WHEN COMPLETING THE EEA4 FORMS:

  1. “Remuneration” means any payment in money or kind, or both in money and in-kind, made or owing to any person in return for that person working for any other person, including the State.

According to my understanding, these claimed and paid-out TERS values to employees doesn't constitute as remuenration since there is no relationship between the employee and that of the TERS fund Adminstrator (thus no employer employee relationship)

Secondly this payout is not an included as remuneration in terms of the Fourth Schedule of the Income Tax Act

Lastly this a lot of these TERS values were paid out to the employees directly and have not been processed on the payroll and therefor cannot be categorised on the Equity Remuneration Headers of the system.

Do you guys agree with our findings?  Do you have any supporting documents that you may have recevied from the Dept of Labour?

Thank you