South Africa: Compensation Fund Earnings Threshold For The 2022/23 Year Of Assessment
Each year the Compensation Fund publishes the change to the earnings threshold in a Notice signed by the Commissioner and published in a Gazette. The threshold limits the earnings calculated by the payroll per employee from 1 March 2022 until 28 February 2023 to assist the employer to complete the annual Return of Earnings form (ROE or W.AS.8 return).
The earnings threshold for the 2022/23 year of assessment is R529 264, effective from 1 March 2022.
Dates for Return of Earnings Submission by Employers:
- The closing date for the submission of the Return of Earnings has been postponed from a 31 March date (as specified in the COID Act) to 31 May 2022.
- The Fund’s website will be opened to allow employers to submit their returns from 1 April 2022 until 31 May 2022.
The notice of the increase has not yet been published in a Gazette, however, we have received confirmation from our advisors that the Fund has confirmed this change.