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COIDA: 2024 ROE Submission dates
- 17 February 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
The Department of Employment and Labour has issued a notice confirming that the submission of the Return of Earnings by employers for the 2024 assessment period will be open from 1 April 2025 to 30 June 2025.
Article:
The ROE is a declaration of an employer's employees' annual earnings to the Compensation Fund. It is also known as the W. As. 8 form.
Employers are encouraged to submit their ROE earlier to avoid the higher volumes that occur towards the deadline.
What the ROE includes
- Actual earnings for the previous assessment year
- Provisional earnings for the new assessment year
- Projected earnings for the following year
What happens after submitting the ROE
- After submitting the ROE, employers receive a Notice of Assessment / Invoice (W. As. 6).
- This invoice indicates the amount the employer owes the Compensation Commissioner.
Penalties
- A 10% penalty is charged for late submissions.
- Interest is charged on accounts made after 30 days of the invoice date.
Access the Gazetted notice at https://archive.gazettes.africa/archive/za/2025/za-government-gazette-dated-2025-02-07-no-52069.pdf
Click here to download the document:
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.