Your COIDA return of earnings is due by 31 May. It is easy to register (if you haven’t already done so) by email and to complete the return online. COIDA contributions are not too costly and depends on the industry you are in.
Why register and do the return?
- It is another insurance policy for your staff. If your employee gets killed or injured or contracts a work-related disease at work, for example, he or she is eligible for compensation.
- Unless you comply with the Act you cannot get a certificate of good standing. This means you cannot be considered for certain tenders and will be barred from going to mines or construction sites (if this is the industry you are in).
- Finally, it is not worth exposing yourself to the risk of fines.
What happened to the discounts?
For those who remember the events of 2013 when discounts of up to 10% were offered for timeous completion and payment, these discounts are now being processed. If this applies to you, the Department of Labour (DOL) will either refund the discount or deduct it from your assessment.
What if I haven’t registered?
Senior officials have apparently confirmed that they are still not levying interest or penalties. You will be required to complete the current return plus the prior four years of returns.
The DOL is making it relatively painless to get yourself into the COIDA system.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)