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COIDA 2022 Return of Earnings due by 31 May 2023
- 22 February 2023
- Accounting
- South African Accounting Academy
All employers are reminded to submit their 2022 Return of Earnings to the Compensation Fund by 31 May 2023.
A penalty of 1% would be charged for the late submission on the ROEs after the prescribed deadline.
An interest as prescribed by the National Treasury would be charged on the overdue account or payment made after 30 days of the invoice date.
It is the employer's responsibility to notify the Compensation Fund of any change in particulars, such as a business ceasing to exist, a change in the nature of the business, a change in the physical address of the business, a change in a business' email address, etc. within 7 days.
The system will be open from 1 April 2023 to 31 May 2023.
The relevant documents will be available to download from www.labour.gov.za
Click here to download the Government Gazette:
https://www.gov.za/sites/default/files/gcis_document/202302/48065gen1616.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The COID Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an employer, you also need to submit your Return of Earnings on time.
- If you are performing this function on behalf of your clients, you need to ensure that the deadline is met.
Relevance to Your clients:
- As an employer, a client of yours would need to submit your Return of Earnings on time.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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