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Four pieces of info you must include when you submit your Return of Earnings to COID on 31 May

by , 09 April 2014
31 May - that's the day you must submit your 2013 Return of Earnings to the Compensation for Occupational Injuries and Diseases Fund (COID). If you fail to meet this deadline, the Compensation Commissioner will assess your business based on his estimation of your earnings. And this means it could fine you 10% of the amount that it has assessed! Don't take that risk. Submit your Return of Earnings to COID in time and make sure you include the following info to avoid penalties.

Revealed: What to include when you submit your 2013 Return of Earnings to COID

The South African Institute of Professional Accounts (SAIPA) says in a statement, whether you're completing a Return of Earnings submission online or in hard copy, you must include the following important information:

  1. Updated contact details (your physical and postal addresses, telephone numbers etc)
  2. The number of employees employed for the assessment period (1 March to end of February)
  3. Earnings (salaries and wages) of every employee up to the maximum amount for the assessment period (1 March to end of February) – now R332 479
  4. The nature of your business

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Warning! You have a legal duty to ensure what you submit to COID is accurate

'It's a serious offence to make false declarations or fail to render a return by the deadline. [And] It's the responsibility of the employer to ensure that all the information provided to the Compensation Fund is accurate and complete,' says Faith Ngwenya, the Technical and Standards Executive at SAIPA.

Ngwenya says if an agent or payroll administrator is completing the Return of Earnings on your behalf, it's compulsory for both of you to sign the declaration.

Now that we've outlined what you must include when you submit your 2013 Return of Earnings to COID, don't miss the May 31 deadline.



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