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COIDA: New Maximum Earnings on Provisional assessment
- 01 June 2023
- Accounting
- South African Accounting Academy
The Department of Employment and Labour issued this Erratum on the published Notice 1617 of 2023:
- A Maximum Earnings on Provisional Assessment is R568 959 for the period 1 March 2023 to 28 February 2024.
The previous Maximum Earnings on Provisional Assessment was R563 520 (as gazetted in February 2023).
Click here to download the new Gazetted Notice:
https://www.gov.za/sites/default/files/gcis_document/202305/48673gen1843.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.
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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https://cpd.accountingacademy.co.za.