The filing season for 1 March 2024 to 28 February 2025 is now open, and the COIDA submission deadline has been extended to 31 July 2025. Submissions made after this date will incur a 10% penalty for late submissions. So, with the COIDA deadline fast approaching, employers need to submit their Return of Earnings (ROE) declarations on time.
What is COIDA?
Employers are obligated under the Compensation for Occupational Injuries and Diseases Act, 1993, to take out this insurance, even if they have other insurance in place. The purpose of the COIDA Act is to ensure that employees receive restitution for disability resulting from work-related injuries or occupational diseases sustained during the course of their employment. Registration protects employers against civil claims by employees who are injured on duty or who contract occupational diseases.
Submitting a Return of Earnings (ROE)
Employers are required to submit a Return of Earnings form annually. Similar to annual business income tax returns, employers must submit annual returns to the Compensation Fund. On this form, employers declare the actual salaries and wages paid for the year, as well as the estimated earnings for the following year.
Based on the information declared and the nature of your business, the Compensation Commissioner will determine your annual assessment. It is important to ensure that your business is correctly classified, as the assessment percentage is based on your industry risk category. Payment of the assessed amount must be made within 30 days from the date of assessment.
Who is considered an employer?
All employers who employ one or more part-time or full-time employees in connection with their business or farming activities must register with the Compensation Fund within seven days.
If you cease to trade or no longer have employees you need to deregister. Failing to do so will result in unnecessary assessments or compliance issues.
