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COIDA: Final Reminder for submission of ROE
- 13 December 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
The Compensation Fund has issued a final reminder for the submission of 2023 and prior years' outstanding Returns of Earnings (ROEs).
Article:
This serves as a reminder to all Employers who are not in compliance with Section 82 of the Compensation for Occupational Injuries and Diseases Act (COIDA) for the submission of the Return of Earnings (CF-2A/W.As.8)
COIDA requires Employers to submit a ROE before 31 March in each year (or as communicated by the Director-General)
Should an Employer not submit a Return of Earnings before 31 January 2025, the Director-General will have the rights to:
- raise an assessment on an earnings estimate basis in terms of Section 83(6)(a) of COIDA; and/or,
- impose a penalty not exceeding 10% of the final assessment in terms of Section 83(6)(b).
Employers are encouraged to submit outstanding ROEs online at www.cfonline.gov.za or manually at [email protected]
The Department of Employment and Labour (DoEL) has the right and obligation to conduct employer compliance reviews and audits against the COIDA.
Click here to download the 3-page Gazetted document:
https://www.gov.za/sites/default/files/gcis_document/202411/51555gon5585.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- COIDA 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 comply with COIDA in your workplace.
- The responsibility to submit a Return of Earnings rests with the Employer.
Relevance to Your Clients:
- An entity (company or close corporation) has a duty to comply with the COID Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
- The responsibility to submit a Return of Earnings rests with the Employer.