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Do you know exactly what COID wants when it asks for your Statement of Earnings?

by , 29 August 2014
Let's say you and your business are just starting out and you're getting all your health and safety admin out the way. That includes all your COID applications and documentation. In this process, the Compensation Commissioner asks for your Statement of Earnings.

Do you know what that is? If you send the wrong information it'll delay the whole process and even land you with penalties.

But you don't need to worry. If you don't know what COID means when it asks for your Statement of Earnings, we'll tell you...

 

This is what your Statement of Earnings is

 
Your Statement of Earnings is simply a detailed record that shows all your employees, the job they do and how much you pay them.
 
Now even if you only have one employee you must have this document and send it to the compensation fund.
 
Without this document the Compensation Commissioner can't assess your business correctly.
 
Please note: If you do only have one employee you must still register with COID!
 
But it's important to remember that you won't send you Statement of Earnings only once.
 
*********** Hot off the press  ************
 
Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't! 
 
 
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Here's when you'll need to submit your Statement of Earnings

 
You must submit your Statement of Earnings every year in March. The only time this'll change is if the Compensation Commissioner extends the deadline. 
 
You must ensure you send your statement on time or it'll hold up the process of assessing your company. 
 
This means it'll take time before your employees can get compensation.
 
The best way to ensure you never miss this deadline is to keep your Statement of Earnings up-to-date. Every time you lose or hiret a new employee, add them to your statement A.S.A.P. 
 
This means when it's time to submit, all you need to do is print is out and send it off to COID.

PS: We strongly recommend you check out the COID Compliance Guide. It has everything you need to fully comply with the COID Act.

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