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COIDA: Update on Letters of good standing – expiry date extended
- 10 April 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
The Department of Employment and Labour has notified employers that all Letters of Good Standing (LOGS) issued by the Compensation Fund to COIDA-compliant businesses, now expire on 31 May 2025.
Article:
The expiry date of all employer valid Letters of Good Standing is extended to 31 May 2025 (was originally 30 April 2025).
To be in good standing, you are required to submit the Return of Earnings before the set deadline.
A Letter of Good Standing will be issued on receipt of the full payment and can be verified online using the unique Certificate Number.
You can report the forged Letter of Good Standing to cf-fraud@thehotline.co.za or 0800 234 432 or SMS 30916
Access more information at https://cfonline.labour.gov.za/OnlineSubmissions/
Click here to download the Process flow for generating a LOG:
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, and obtain a letter of good standing, if needed.
- 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, and obtain a letter of good standing, if needed.