Failure to submit your 2013 Return of Earnings to the Compensation for Occupational Injuries and Diseases (COID) Fund will result in these penalties
The Health & Safety Advisor says that if you don't submit your statement of earnings to the Compensation Commissioner in the prescribed period, he'll assess your business based on his estimation of your earnings. This means you'll be fined 10% of the amount that's assessed.
If later on, it appears that your actual earnings were more than what was estimated, the Compensation Commissioner will impose a further fine of 10% of the difference. And if later on, it appears that your actual earnings were less than what was estimated, an adjustment will be made.
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But that's not all that'll happen if you fail to submit your Return of Earnings to COID before the May 31 deadline
If you don't pay your tariff, you'll be fined 10% of the outstanding amount.
The Health & Safety Advisor says if you don't pay your tariff and one of your workers has an accident, you may pay a fine as well as other penalties. The fine will equal the compensation amount which is paid for the accident.
Note: If you can prove that your non-payment wasn't intentional or was because of something you had no control over, you may be allowed to pay the penalties in installments and the fine might not be imposed.
But, the best thing you can do is to get your Return of Earnings in order, especially since you've received an extension. Submit your 2013 Return of Earnings before the May 31 deadline and you'll avoid these harsh penalties.