Deregistration from Compensation Fund

08 June 2022
Accounting
South African Accounting Academy

The following information is communicated in the Government Gazette Notice 46269:

a) The CF-1C Application for Employer Deregistration Form is supplied;

b) To request Employers to notify the Compensation Fund (CF) where they have ceased to operate a business or no longer have employees to be covered by the CF;

c) The fully completed CF-1C Forms must be forwarded to [email protected] (please contact the CF Call Centre at 0800 321 322/0860 105 350 for further clarity);

d) Should the Employer fail to notify the CF on the status of their business, the CF will assume that an employer is still operating and estimate assessments for all outstanding ROEs. Any Notice of Assessments issued with such estimates will be legally binding by the Employer for payment;

e) Failure to make a payment will result in interest and penalties charged on overdue amounts.

Click here to download the Gazette Notice:

https://www.gov.za/sites/default/files/gcis_document/202204/46269gen993.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

COIDA (Compensation for Occupational Injuries and Diseases 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.
If you are advising your clients on COIDA, you need to be aware of the latest requirements – as communicated by the Compensation Commissioner.
As an employer, you also need to comply with COIDA in your workplace.

Relevance to Your clients:

An employer has a duty to comply with COIDA, otherwise they could be held liable.

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