COIDA – (formerly WCA – Workman’s Compensation Act)
In order for the company to get a Letter of Good Standing the COIDA return is completed each year at the end of February. Each industry is given a percentage that has to be calculated on employee taxable earnings with the current maximum being R403.500.00 per annum or R33 625.00 per month.
Earnings to be included in the COIDA Return are:
- Earnings/ Drawings paid to working Directors of a Company or Members of a Close corporation
- Cash value of fringe benefits- company car, accommodation, reduced rates etc.
- The cash value of food and quarters provided to employees as part of their remuneration package.
- Commission of a regular nature.
- Bonuses of a regular nature e. g. (Annual Bonus)
- Regular overtime
- Actual earnings for the month, head count (Directors & Members in separate column)
- Project earnings and headcount for the coming year.
The COIDA return has to be completed and returned to the Compensation Commissioner by the 31 March each year.
Moagi Payroll Service will complete and ensure that your return is submitted to the Commissioner, once a director of the respective company has approved the declaration.