A Return of Earnings (RoE) submission is a report required by the Compensation Fund for Employers to document and declare their employees’ earnings, contributions, or other financial information during a specific period. This period is from 1 March to 28 February the following year. This submission must be done each year to remain complaint with the Compensation Fund. Once the employer submits their Return of Earnings to the Compensation Fund, they will receive a Notice of Assessment with the fee payable directly to the Compensation Fund. It is important to make payment within 30 days after receiving the notice of assessment, otherwise interest and penalties will be raised and added every 30 days to the total amount outstanding. Should the amount outstanding be too high for the employer to pay at once, arrangements can be made with the Compensation Fund to pay this off in instalments. Once the assessment fee is paid in full, the Compensation Fund will issue the employer with a Letter of Good Standing that will be valid until the end of April, the following year.
Employers who have not paid their assessment fees to the Compensation Fund will not be able to claim in the event of a work-related accident, illness, or death.
Penalties of 10 % are charged to employers who do not pay their assessment fees within the due date, which is 30 days after the date of the Notice of Assessment. A further 15 % interest will be charged on the remaining balance each month for outstanding assessment fees.
Each year the Compensation Fund closes their entire office for submissions, online and in-branch for the entire month of March in preparation for their system updates after their financial year end. This causes a very big delay and affects thousands of users. It is therefore very important for employers to ensure that they submit their documents to our office in advance as we keep a close eye on the online portals so that we can submit once they re-open.
It is of utmost importance not to skip a Return of Earnings Assessment year. From previous experience, the cost implications can be extreme and can also cause the Compensation Fund to flag your Company for an Audit. This on its own can be a very long and time consuming process if not handled correctly.
Ensure your compliance with the Department of Labour before you have to deal with unnecessary consequences.
Let Business Service.Com handle the red tape on your behalf. Contact us today to ensure your Return of Earnings are always kept up to date to avoid outstanding returns, interest and penalties.