A discrepancy occurs when the actual or provisional earnings of the current financial year are lower than 30% of the actual or provisional Earnings submitted for the previous financial year’s ROE.
The Compensation Fund will request various documents:
1. An affidavit confirming that the earnings declared are the actual earnings paid to all employees or if a mistake was made on the ROE’s to explain what type of mistake was made.
2. A letter on a company letterhead stating the UIF reference number and SARS PAYE number.
The following documents must be submitted from the year of the discrepancy until the current year:
• The correct ROE’s;
• SARS EMP501;
• Detailed Payroll Report and
• Independently reviewed audited financial statements to confirm the actual earnings that were declared.
• Lastly, a SARS Tax Clearance Certificate and CK Documents from CIPRO or an ID if the business is a Sole Proprietor.
The Compensation Fund will audit the company, and this process can take up to 2 years if not sooner, to resolve.
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