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If you don't submit your earnings to the Compensation Commissioner, you'll be in serious trouble

by , 02 July 2014
The OHS Act says you have to register with COID. This ensures your employees have access to compensation if they have an accident at work.

For you to fully comply with this, the compensation commissioner needs to examine your statement of earnings. This shows how much all of your employees earn.

Based on this and your employees' work risk level, the commissioner will notify you of what you have to pay in.

And that's why you have to submit your earnings on time, or you'll be guilty of non-compliance...

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You must give the compensation commissioner accurate statements of earnings

The commissioner has to see exactly how many employees you have and what you pay them. This information is vital to calculating your compensation fund assessment tariff
It's also in your best interest to give accurate information. This because SARS gives the commissioner copies of your employees' tax returns.
From these tax returns, the commissioner can compare the information you gave him. If it doesn't match up, you could be fined up to 10% of the tariff amount you'll pay.
But you also have to submit your statement of earnings at the right time...

Here's when you must submit your statement of earnings

When it comes to the Compensation Fund, the year goes from the 1st of April to the 30th of February the following year. This because, during March, you have to submit your statement of earnings.
Your last day to do this is 31st of March. From the 1st of April onwards, the commissioner starts to send out the notifications for assessment fees.
So ensure you send your statements in on time. If the commissioner has to chase you for it, he'll do so with a 10% fine added to the bill. 
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