Update 21 April 2020: Clarified that the current annual earning threshold for 2019/2020 is R458 520.
It’s that time of the year again – when you have to complete your Return of Earnings (ROE) or W.As.8. It is basically a declaration to the Compensation Fund of your employees’ earnings for the past year – in this case from 1 March 2019 to 29 February 2020 (the same as the tax year). In addition, you also need to provide projected earnings for the next year (1 March 2020 to 28 February 2021).
Although the official deadline is 31 March, this has been extended to 31 May.
As always, we at SimplePay try to make your life easier, and you are able to download a report from our system that will help you to complete your W.As.8. Simply go to Submissions > OID (Workman’s Comp) Return.
The current 2019/2020 Return of Earnings threshold of R458 520 is already taken into account by SimplePay. Additionally, the Compensation Fund has published a new annual earnings threshold of R484 200 per annum for the 2020/2021 Return of Earnings (form W.As.8). We have updated our system to accommodate this.
More information about the Compensation for Occupational Injuries and Diseases (COID) Act can be found on our help site.
Remember: your bi-annual SARS filing / reconciliation is also coming up soon, so if you get your ROE submission out of the way, it’s one less thing to worry about.
Please feel free to contact [email protected] if you need any assistance.