Return of Earnings Audit / Employer Registration / Application for Change of Nature of the Business
Return of Earnings Audit
Government Gazette No 42113 No 1385 was published to inform employers that the Compensation Fund may select an Employer’s Return of Earnings (ROE) to an audit if an employer’s ROE was referred due to the following reasons:
- Credit assessment or/and
- A considerable decrease in the amount of Return of Earnings (ROE) declared from prior years
The following supporting documents will be required:
- Affidavit (Reason for variance / Credit assessment)
- Audited or Independently Reviewed Annual Financial Statements
- Detailed Payroll Report
- SARS EMP 501 / Tax Clearance
- Manual Return of Earnings
- Power of Attorney (Consultants, Attorney or any person appointed by an employer)
To view the official publication, please follow the link.
COIDA Employer Registration Form
Government Gazette No 42113 No 1386 was published to inform employers of the prescribed Employer Registration Form in respect of an employer’s obligations to register with the Compensation Commissioner and to furnish him with particulars.
To view the official publication, please follow the link.
COIDA Application for Change of Nature of the Business
Government Gazette No 42113 No 1387 was published to inform employers of the requirements for the change of subclass and nature of business activities.
A business is classified according to the nature of industry the employer is engaged on. To change the nature of business, the following is required:
An affidavit with the following information:
- Detailed description of the nature of business activities.
- Duties of employees.
- Any other information which will contribute to the appropriate classification of the business activities.
Documents required depending on the type of business:
- Proof of registration certificate with Companies and Intellectual Property Commission (CIPC) in respect of business entity, close corporation or company.
- Letter of authority in respect of the trust.
- Proof of registration certificate with the Department of Social Development in respect of Non-Profit Organisations
- Certified copies of Director’s ID in respect of Companies
- Certified Copies of ID of Members in respect of a Close Corporation
- Certified copy of ID in respect of a Sole Owner
- Proof of SARS registration
- Proof of SARS Tax Clearance Certificate
Reasons for the change in nature of business can be due to the following:
The nature of a business changed (sometimes this happens gradually – over years) and the business is now classified in the wrong risk category. It could also be that the company was incorrectly classified from the beginning.
The change in business activities and re-classification of business entity will be effective from the date of receipt of request by the Compensation Fund.
To view the official publication, please follow the link.