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Have you paid your assessment tariff to COID this year? If not, you're facing penalties

by , 01 September 2014
Every year, the Compensation Commissioner wants two things from you.

He wants your Statement of Earnings which shows how many employees you have, the work they do and how much you pay them.

Using this information, he'll assess your company to determine the kind of compensation your employees may need if they claim.

And then he wants you to pay your COID assessment tariff. This is the fee you pay every year to cover the admin costs of assessing your business.

If you don't pay your tariff, you'll face penalties.

Here's what you need to do to avoid this...

Avoid penalties from COID by paying your assessment tariff

You must submit your Statement of Earnings in March each year. This means you can expect your notice from the compensation fund from the beginning of April onwards.

The notice will tell you how much you need to pay for your COID assessment tariff.

You must pay this tariff within 30 days of getting the notification.

You can do this through:

1. Cheque;
2. Direct debit; or
3. Internet banking.

If you don't, you'll land in the following trouble...

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This is what'll happen if you don't pay your COID assessment tariff

If you don't pay your tariff on time, the Commissioner will charge you a penalty of 10% of the outstanding amount.

You can't get this money back from COID so it's better to just pay on time.

And remember, if you don't pay your tariff it'll also slow the process of getting your employees compensation for any injuries they have on duty.

So rather follow the rules and pay COID the amount it requests in the notice it sends you.

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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