Dividend Payouts
If the beneficiary was eligible at the point when the Accenture dividend was declared in favour of its shareholders, the rightful heir(s) “should” receive a once off payout.
The Akha Trust does not prescribe how beneficiaries should utilise their allocated dividend payouts. The Trustees hope this distribution comes in useful as you empower yourself, your family or those you identify in need of a helping hand.
Dividends are paid out to beneficiaries when Accenture declares a dividend in favour of its shareholders. In line with the SARS ruling, all pay-outs are effected within the same financial year in which the dividend is declared. Accenture did not declare a dividend in FY2020. By implication, Akha did not receive a dividend in FY2020 which also means that beneficiaries would not have received a dividend for this year.
Educational Assistance
The criteria used is fairly applied given that it does not prejudicially exclude anyone on any listed discriminatory grounds and is merely an empowerment tool open to all Akha Trust beneficiaries.
The Trust on a yearly basis reviews and evaluates the limitations on its educational assistance program. The capping is more often influenced by the limited funds available applied in line with the Distribution plan.
The time of application does not influence the quantum of assistance.
The Accenture bursary scheme is separate from the Akha Trust study assistance scheme and regulated by different set of rules. The Akha Trust study assistance restrictions (if any), are largely influenced by the available distributable funds as guided by the educational assistance distribution plan.
The law does not allow the Trust to deviate from the Distribution Plan hence would not be in a position to dispense benefits outside of the Distribution Plan.
When the application process commences, an email will be sent to all the beneficiaries detailing the application process, requirements and eligibility.
Yes you can. However the Akha Trust only pays fees to an institution where a child is enrolled. It is your responsibility to arrange a refund or rollover of payment depending on your situation and rules of the institutions. The Trust will offer a refund letter to present to the institution should we receive proof that the payment was made by the beneficiary instead of a bursary or any other benefits.
The educational assistance benefit only applies to the current year of study.
Educational Assistance is open to all eligible beneficiaries regardless of their place of study provided sufficient proof is provided to the Trust on the enrolment of such eligible beneficiary in whatever program of study in their current year of study at an institution registered with the department of education. The educational assistance is not restrictive in terms of the programs of study.
Note that the educational assistance is applicable for children of beneficiaries, starting from Grade R until university, as guided by the detailed eligibility criteria outlined on the Trust Deed.
Currently, timing of the educational assistance payments are influenced by when Accenture declares a dividend. Akha can pay the educational assistance benefit only once it receives a distribution from Accenture. It becomes challenging when dividend is not declared because we have to dip into the Trust’s savings in a manner that does not compromise the sustainability of the trust.
In line with the SARS ruling, all payouts including the educational assistance, are effected within the same financial year in which the dividend is declared by Accenture in favour of its shareholders, i.e. before 31 August.
The Akha Trust is open to receiving all manner of assistance and often considers volunteers to assist with the Trust administration processes. Should one be interested, please feel free to contact us akha.trust.sa@accenture.com.
As per the eligibility criteria, the educational assistance is applicable to the children and legal dependents of Accenture employees in South Africa. You are able to apply for your sibling provided it shows proof that you are financially supporting them.
Without derogating from the generality of the purpose of the Trust as expressed in the Trust Deed, the Trust identified and chose educational assistance as one of the initiatives it would use to empower its Beneficiaries.
Tax Implications
The educational assistance benefit is regarded as a fringe benefit by SARS, therefore you need to pay the tax portion which is aligned to your current tax bracket to SARS. You can either get Accenture to deduct monthly or once off when you receive your bonus.
The Trust receives dividend income from Accenture. However, where a Trust distribution is received because of employment, the normal dividend exemption does not apply. SARS therefore treats the amount as part of your taxable income and assesses it together with your other income for the tax year.
No. The tax legislation has not changed. What has changed is how the Trust administers the process. Historically, the Trust assisted some beneficiaries by calculating and administering tax arising from distributions. Due to changes in the Founder’s HR and payroll operating model, the Trust no longer has access to the information required to accurately determine each beneficiary’s personal tax position.
From the FY25 distribution onwards:
- Beneficiaries receive their approved distribution in full.
- Beneficiaries are responsible for managing any personal tax obligations arising from that distribution.
- The Trust will continue to provide supporting tax certificates and reporting information where required.
There is no single answer that applies to everyone. The amount of tax potentially payable depends on your total income, tax bracket, deductions, retirement contributions, medical credits and other personal circumstances.
Recommendation, consider setting aside a portion of your distribution until you have assessed your likely tax position or received professional tax advice.
The distribution should be included in your personal income tax return for the relevant tax year in which the distribution was received. Any resulting tax liability would generally be assessed through the normal SARS filing process.
Not necessarily. Whether additional tax is payable depends on your individual circumstances. Some beneficiaries may already have sufficient deductions or credits, while others may have an additional tax liability.
The Trust will continue to provide beneficiaries with the relevant tax certificates and supporting information required for SARS reporting purposes.
No. The Trustees no longer have access to the payroll information required to accurately calculate each beneficiary’s personal tax position. Beneficiaries should seek guidance from a registered tax practitioner, SARS, or other qualified financial professionals.
Support options include:
- SARS eFiling
- Registered tax practitioners
- Tax filing solutions such as TaxTim
- Financial coaching available through Accenture employee benefits and Accent on You
No. The Trust cannot provide personal tax, legal or financial advice. Beneficiaries should consult appropriately qualified professionals who can consider their individual circumstances.
Eligible beneficiaries can access confidential financial coaching services through Accenture’s employee wellbeing and financial wellness offerings. These coaches can assist with budgeting, debt management, financial planning and referrals to specialists when required.
General
The Akha BEE Trust is a Broad-Based Black Empowerment Trust that was established as a commitment by Accenture to achieve its ultimate goals of transformation, inclusion and diversity. The Trust recognises and accepts the principles of Broad-Based Black Economic Empowerment, and hence have identified 2 stakeholder groups as beneficiaries of the Trust, namely:
- The Black Employees of Accenture; and
- Dependents of all Black Employees of Accenture
Black people are defined as “all Africans, Coloureds, and Indians who are South African by birth or who have obtained citizenship prior to 27 April 1994.”
Whilst the Akha Trust was primarily established as a vehicle for Broad-Based Black Economic Empowerment, Accenture used a Vendor Financing model. Such a model usually comes with the founder’s pre-conditions similar to wishes that one would articulate in a Will. In the case of the Akha Trust, Accenture had three conditions: 1. The Akha Trust should benefit previously disadvantaged black employees of Accenture 2. Akha should contribute to Accenture’s retention strategy of black employees 3. The Akha Trust should benefit only those that have earned the income in the year in which a dividend is declared.
The Trust Deed is reviewed every 3 years and the opinion of an expert on Corporate Law the Trust Property Control Act and the BEE Act is sought to review and guide the Trust to ensure compliance and impartiality. We are currently reviewing the Trust Deed in view of the latest BEE Act, and the General Amendment Act changes.
Yes, you can find a copy of the Trust Deed on the Publications page of the website.
An employee of Accenture becomes eligible for the Akha educational assistance and dividend payout, if they have satisfied the continuous employment condition for at least 12 months, on the date of record when the application processes commence or Accenture declares a dividend in favour of its shareholders.