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 2016 to 28 February 2017 (the same as the tax year). In addition, you also provide projected earnings for the next year.
Although the official deadline is 31 March, this has been extended to 31 May, and the filing season for this year is 1 April 2017 to 31 May 2017.
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.
Our system has already been updated with the new maximum amount of earnings on which your assessment will be calculated. The maximum will increase from R377 097 to R403 500, with effect from 1 April 2017.
More information about the Compensation for Occupational Injuries and Diseases (COID) Act can be found on our help site.
If you are doing a manual submission, please ensure that you are using the latest version of the W.As.8, which can be found here.
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.
The SimplePay Team