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There are only two things COID wants from you each year - fail to hand them over and you'll face penalties

by , 29 August 2014
COID is all about giving your employees compensation for occupational injuries or diseases. But that doesn't mean COID doesn't want something from you in return.

That's right.

You have to send the Compensation Commissioner two things each year. If you don't, you'll face penalties. And on top of that, it'll delay your employees getting that all important compensation should they need it.

But don't panic if you don't know what you must send to the compensation fund. Today, we're revealing what they are...

 

This is the first thing you must send to COID

 
Every year in March, you must send the Compensation Commissioner a copy of your statement of earnings. This document shows the details of how many employees you have, the kind of jobs they do and how much you pay them.
 
The Commissioner needs this information to assess your business and correctly calculate the kind of compensation your employees need.
 
The Commissioner gets copies of these documents from SARS so he'll pick up if you haven't submitted yours or if there are errors in the one you sent in. This will land you with penalties.
 
After the Commissioner has assessed your business, you then need to send him this next item...
 
*********** Hot off the press  ************
 
 
*************************************
 

This is the second thing you must send the Compensation Commissioner each year

 
Once the Commissioner assesses your business, he'll send you a notice. This notice details the COID assessment tariff you must pay.
 
Your notice will arrive anytime from April onwards.
 
If you fail to pay this tariff, the Commissioner will fine you 10% of the outstanding assessment tariff.
 
So avoid penalties and complications by ensuring you send the compensation fund these two things every year.

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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