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COIDA: New maximum earnings (OID limit) for 2024/2025
- 17 April 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
The following amounts have been prescribed with reference to COIDA (Compensation for Occupational Injuries and Diseases Act):
- The Maximum Earnings per employee per annum is R 597 328 (1 March 2024 to 28 February 2025) (was R568 959).
- A Minimum Assessment for commercial employers is R1 530 (was R1 443)
- A Minimum Assessment for private domestic employers is R528 (was R498)
Click here to download the Gazette Notice:
https://www.gov.za/sites/default/files/gcis_document/202403/50386gen2390.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The 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.
- Accountants, Auditors and Tax Practitioners may assist employers to complete their annual Return of Earnings, and thus should be aware of the latest thresholds.
- As an employer, you also have a duty to consider the latest maximum and minimum earnings when completing the annual return of earnings.
Relevance to Your clients:
- An employer and entity (company or close corporation) has a duty to comply with the COIDA, otherwise they could be held liable.
- An employer has a duty to consider the latest maximum and minimum earnings when completing the annual return of earnings.
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