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URGENT Reminder: Submit 2023 ROE by deadline
- 27 June 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
Employers must submit their Return of Earnings online to the Compensation fund: https://cfonline.labour.gov.za/
A penalty of 10% would be charged for the late submission of ROEs (W.As.8 form) after the prescribed deadline.
Interest will be charged on accounts made after 30 days of the invoice date and on overdue accounts.
It is the employer's responsibility to notify the Compensation Fund of any change in particulars, such as when the business has ceased to exist, a change in the nature of the business, a change in the physical address of the business, a change in the business' email address and other contact details, within 7 days of such change.
The system has been open from 1 April 2024, and will close on 30 June 2024.
Click here to download the original Government Gazette notice:
https://www.gov.za/sites/default/files/gcis_document/202402/50109gen2314.pdf
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.
- 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.