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COID: Use this checklist to ensure you're legally compliant when paying contribution tariffs

by , 13 December 2016
COID: Use this checklist to ensure you're legally compliant when paying contribution tariffsCompensation for Occupational Injuries and Diseases (COID) is a government body that protects your injured workers by compensating them.

It does this by making sure you support their compensations, in the form of contribution tariffs.

Now when paying those contribution tariffs, you need to ensure that you do it in a legally-compliant way.

To help you do that, here's a checklist.

All you need to do is correctly answer all its questions...

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COID: Use this checklist to ensure you're legally compliant when paying contribution tariffs
 

QUESTION#1:

Do you submit your statement of earnings (salaries/wages) which you paid to all your permanent and temporary employees before the 31st March each year?
 
BONUS TIP: If you submit a statement of earnings, while your actual earnings are more than what you stated, then you'll have to pay a 10% fine on the difference between the actual amount and the amount you stated
 
 
QUESTION#2:
 
Is the statement from the 1st March, of the previous year, to the end of February of the current year?
 
QUESTION#3:
 
If you start your business after the last day of February, do submit an estimate of your earnings, for the balance of that year, to the Compensation Commissioner within seven days of starting your business?
 
QUESTION#4:
 
If you're starting more than one class, or category, of business, or you're starting your business in more than one place, do you send through separate estimates to the Compensation Commissioner?
 
*If you can answer 'YES' to all these questions, then you're on the right track when paying your contribution tariffs.
 
To learn more on COID, page over to Chapter C 16: COID – Your legal Requirements as an Employer, in your Health and Safety Advisor handbook.
 
Statistics reveal: COID rejects 80% of all claims!
 
Do you know what incidents your company can claim for?
 

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