The OID Submission Date Has Been Extended

The Compensation Fund (CF) has officially announced an extension to the Return of Earnings (ROE) submission deadline for the 2022 ROE period, from 31 May to 30 June 2023. This is based on information presented in Government Gazette No. 48673, published on 30 May 2023.

The ROE or W.As.8, is a declaration to the Compensation Fund of your employees’ earnings for the past year, which coincides with the tax year. All employers are required to submit this declaration annually before the deadline, with failure to do so resulting in fines from the Compensation Fund.

The ROE due is for the previous period which ran from 1 March 2022 to 28 February 2023. Alongside the declaration, employers must also provide their projected earnings for the following period, which runs from 1 March 2022 to 28 February 2023.

SimplePay recently updated our system to reflect the updated Compensation Fund annual earnings threshold of R568 959 per annum for the 2023 ROE. Further clarity was provided in this recent announcement which confirms the correctness of our change.

In line with ensuring that our system always keeps you compliant, the increase in the threshold has already been applied to your data for the 2023 ROE period.

You can download a report from our system that will help you complete your ROE / W.As.8. by simply going to Filing > OID (Workman’s Comp) Return. If you would like more information about OID and the Compensation Fund, please visit our help page.

Alternatively, please don’t hesitate to reach out to our fantastic Support Team at support@simplepay.co.za ,should you need some guidance. We’re here to help and make sure that your payroll processes run smoothly.

If you aren’t a SimplePay user yet, but want to experience seamless payroll, we recommend signing up for a free, 30-day trial today!

Take care,

Team SimplePay