Do you know why the relationship between COID and SARS could land you in trouble?

Ashley Churchyard, Fsp Business, 31 Jul. 2014

Tags: coid, compensation for occupational injury and disease, compensation fund, compensation commissioner, injury on duty, workers’ compensation

Because you registered your company to pay tax, SARS gets all your financial information. This includes how many employees you have and how much you pay them.

SARS needs this information to ensure you pay all your tax correctly. But there’s someone else that needs this information too. The Compensation for Occupational Injury and Disease Act (COIDA) demands you submit this information to the compensation fund.

You see, the Compensation Commissioner can’t assess your business without that information.

Now you may think it’s not a train smash if you forget to submit this information to COID. But, this is where the relationship between COID and SARS could land you in serious trouble...

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Did you know: COID and SARS share information?

Every year in March, you must submit your company’s statement of earnings to the compensation fund. The Compensation Commissioner uses this information to assess your business. It enables him to determine how much workers’ compensation each employee may need if they have an injury on duty.
If you don’t submit this statement you’ll face penalties. 
But, COID must first find out you haven’t submitted your earnings in order to punish you. This is where its relationship with SARS can land you in hot water. 
The reason? SARS has the information COID needs and it’s happy to share.

SARS gives COID copies of businesses’ financial reports 

SARS gives COID these copies so it can check the financial information for registered companies. If it gets your records from SARS and sees you haven’t submitted your earnings or your earnings are incorrect, it’ll be quick to punish you.
It’ll impose a penalty of 10% of the amount it assessed for your company.
So you can’t avoid this punishment if you don’t submit your earnings. COID will find out because it’ll get the information from SARS.

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