The annual return of earnings or statement of earnings is the salary paid to all employees before 31 March every year, says FSP Business
It applies to all businesses that employ more than one employee.
And you need to submit your return of earnings form to comply with the Compensation for Occupational Injuries and Diseases Act (COIDA), says Juanita Steenekamp, SAICA's project director: Governance.
Make sure you meet the Department of Labour's deadline for submission of your return of earnings forms!
30 April 2013 is the deadline for the 2012/2013 filing of the return of earnings forms for all employers.
As time is limited, the South African Institute of Chartered Accountants (SAICA) advises employers who have filed manually over the past years to consider filing online this year.
This is the first time that employers can submit the forms online, but employers who are registered to submit online can only make their submission through the website from 2 April 2013, when the website is active
That's a relief, as you don't have to scramble to get your forms in the post today and hope they reach the Department of Labour on time!
And 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
More COIDA changes to comply with if you have disabled employees!
But there are more COIDA changes you need to get to grips with.
Proposed amendments to COIDA also make provision for the rehabilitation and reintegration of disabled persons in the workplace.
This means you won't be able to dismiss
a disabled employee within a 12-month period on the basis of incapacity, explains MiningWeekly
And if you don't comply?
'The proposed amendments state that any person who fails to comply with any of the employer obligations, which are now contained in COIDA
, will be liable for a penalty of 10% of the employer's yearly return of earnings,' adds MiningWeekly