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Do you know what the penalties are for not submitting your statement of earnings to COID?

by , 31 July 2014
Every year you have to submit your statement of earnings to COID. The Compensation Commissioner needs this information to assess your company.

It's common, however, for business owners to forget this obligation. If you're one of these business owners, you won't get off scott free though.

You see, COID and SARS have a relationship. SARS gives COID copies of businesses' financial records. This way COID will pick up if you haven't submitted your earnings.

But do you know what kind of penalties you'll face?

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This is the punishment you'll face if you don't submit your earnings to COID

 
According to the Health & Safety Advisor, if you don't submit your statement of earnings to the Compensation Commissioner on time, he'll assess your business based on his estimation of your earnings. 
 
He'll base his estimation on your previous statements of earnings. He'll then fine you 10% of the amount that he's assessed in his estimation.
 
If it turns out your actual earnings were more than his estimate, the Commissioner will impose another 10% fine on the difference. 
 
But if your actual earnings were less than his estimate, he'll make adjustments to your assessment tariffs.
 
So if you want to avoid these penalties, here's what you must do.
 

Here's how to submit your statement of earnings to COID and avoid penalties

 
You have to submit your statement of earnings every year. You'll normally need to do this in March unless the Compensation Commissioner extends the deadline. 
 
Your statement of earnings must detail all of your employees and their earnings.
 
Earnings can be:
 
1. Salaries/wages;
 
2. Commission;
 
3. Cost of Living Allowance;
 
4. The value of food and quarters supplied free of charge;
 
5. Incentive Bonuses;
 
6. Bonuses your employee gets regularly i.e. a thirteenth cheque; and
 
7. Overtime of a regular nature.
 
So ensure you submit this information every year to the compensation fund so your employees can get workers' compensation and you can avoid penalties. 
 
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