Have you registered with the Compensation Fund? You must do so if your company has one or more employees.
And it doesn't end there.
Once you're registered, you need to complete your return of earnings statements.
What is the Return of Earnings (ROE) statement?
Your annual return of earnings or statement of earnings is the salary/wages paid to all employees – whether they're temporary or permanent – before 31 March every year, says FSP Business
This deadline's already passed.
But this year, you're allowed to submit your Return of Earnings statement to the Department of Labour by 30 April 2013 if you do so online, adds FSP Business
So if you haven't already registered online, this should be your first step.
Then, best you submit your ROE correctly, because if you submit your return of earnings statement and your actual earnings are more than what you said they were, you'll be fined 10% of the difference between the actual amount and the amount you submitted.
That's why you need to keep a register of the earnings and other prescribed particulars of all your employees.
And if you don't submit your return of earnings at all, the Commissioner will have to make an estimate of your earnings, according to the COID Act
, which could result in heavy fines, says the Health and Safety Advisor
You'll then be fined 10% of the amount assessed.
Two reasons to register to submit your ROE statement online
But it's not all bad news, as the Department of Labour has released some incentives for online submissions to speed up the assessment and payment process.
For example, if you pay within 30 days, you'll receive a 10% discount on the assessment value.
Added to this, the Department of Labour has provided amnesty for employers to submit all outstanding ROE for the past four years before 30 June 2013, without incurring any penalties.
So if you haven't already done so, submit your ROE statements online today!