COIDA RETURN OF EARNINGS
FEES FOR RETURN OF EARNINGS SUBMISSION
The fee for ROE submission is R750
Every year employers registered for Workman’s Compensation need to declare what their salaries and wages are for the coming financial year.Each business is assigned a risk tariff which is used to calculate the fee due by you to COID. The fee fully covers against injury of your employees for the year.
COIDA SERVICES SA will submit the ROE on your behalf as well as ensure that your returns are submitted correctly and on time.
Once this process is complete and you have paid the assessment fee you can request a Letter of Good Standing.
Completing returns can be a complicated process and small errors can result in over payment of the fee due to the Compensation Fund. Here are a few guidelines to assist you but please contact us with any questions as that is what we are here for!
RETURN OF EARNINGS AND LETTER OF GOOD STANDING R1250
SOME IMPORTANT GUIDELINES RELATING TO WAGES AND SALARIES (REMUNERATION)
PLEASE INCLUDE THE FOLLOWING IN THE GROSS EARNINGS, BEFORE ANY DEDUCTIONS WHEN COMPLETING YOUR FORM
- Regular overtime which is not intermittent or irregular.
- All bonuses, including incentive bonuses and annual bonuses.
- Commission, even though the amount may vary from month to month.
- The cash value of food and quarters supplied to employees as part of a remuneration package.
- Cash value of fringe benefits such as a Company car, free accommodation or accommodation at a reduced rate, etc.
- Travel and other allowances paid regularly, as part of the package.
- Where the employee is remunerated in accordance with a package of benefits, all items forming part of the package, other than employer contributions such as medical aid contributions.
- Earnings/Drawings paid to working Directors of a Company or Members of a Close Corporation.
PLEASE EXCLUDE THE FOLLOWING:
- Payments of a reimbursive nature.
- Overtime worked occasionally.
- Payments for specific non-recurring tasks which do not form part of an employee’s normal duties.
- Ex gratia payments.
- Intangible fringe benefits such as the taxable portion of medical aid/pension contributions by the employer, etc.
- Payments to cover special expenses such as subsistence and travelling costs, lunch and costs for business meetings.
- Travel and other allowances paid occasionally.
- Profit sharing of Directors and Members.
IT IS EXTREMELY IMPORTANT THAT THE FORMS WE PROVIDE ARE TO BE COMPLETED ACCURATELY. THE INFORMATION YOU PROVIDE WILL DETERMINE THE ASSESSMENT FEE THAT IS OWING TO COIDA BY YOURSELVES.
IMPORTANT
The Compensation for Occupational Injuries and Diseases Act, COIDA, of 1993 requires that all employers, other than those specifically excluded by the Act, be registered with the Commissioner and submit their annual return of earnings. In order to do so, all companies need to be registered as employers with the Compensation Fund of South Africa.
WHAT DOES THE FUND DO FOR ME?
Many employer's see compliance with the Fund merely as a means to getting Letter of Good Standing for tenders and contracts. The Fund is however one of the important building blocks to a successful business, ensuring peace of mind and assurance to both employers and employee's subjected to the possibility of injury & diseases through the work environment. Employers are protected from being sued by employee's injured on duty, while employee's can claim for financial loss caused by injury or diseases.
OUTSTANDING FEES
If there are outstanding monies owed to the fund when we apply for the letter, we will notify the client of the outstanding amount. The client can then make payment to the Compensation Fund directly and submit proof of payment to us. We will hand in the proof of payment to the Compensation Fund. The Letter of Good Standing will then be issued within +- 5 working days after the proof of payment has been submitted and Compensation Fund has no further queries.