If a Close Corporation does not need to be audited, do we need to submit a CoR30.2?

Submission requirements depend on your Public Interest (PI) score and company regulations. SAAA's technical resource centre provides comprehensive documentation on independent reviews and CoR30.2 filing frameworks.

Is there a contradiction between the timeframe of submission of voluntary audited annual financial statements for a close corporation?

Section 58(1) of the Close Corporations Act outlines specific parameters regarding whether financial statements must be completed within 6 or 9 months. SAAA provides expert legal compliance resources to clarify these close corporation deadlines.

Return of Earnings 2021

26 April 2022
South African Accounting Academy

The initial submission deadline was 31 March 2022.

The Workmen's Compensation website for online submission/transacting on the ROE website will only open from 1 April 2022 to 31 May 2022.

Refer to documents to download:

CF-2A Return of Earnings Form 2021 Period
Notice of the Maximum Earnings and Minimum Assessment 2021
ROE Submission 2021 Season

Remember that the Minister of Employment and Labour published Government Gazette 44238, increasing the OID earnings threshold to R506 473 per annum with effect from 1 March 2021 (2021/2022 year of assessment).

Click here to access the RoE Documents:

https://www.labour.gov.za/return-of-earnings-2021

Relevance to Auditors, Independent Reviewers & Accountants:

The COIDA is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
Accountants, Auditors and Tax Practitioners may assist employers to complete their annual Return of Earnings, and thus should be aware of the latest thresholds and submission deadlines.
As an employer, you also need to comply with the COIDA in your workplace, and submit your own Return of Earnings.

Relevance to Your clients:

An entity (company or close corporation) has a duty to comply with the COIDA, otherwise they could be held liable.
An employer has a duty to submit the annual return of earnings.

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update

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