“Employer” means any person, including a person acting in a fiduciary capacity, who pays or is liable to pay to any person any amount by way of remuneration, and any person responsible for the payment of any amount by way of remuneration to any person under the provisions of any law or out of public funds, excluding any person who is not acting as a principal.
We are required to submit an annual return via the Labour Department platform by the end of May for the financial year.
The Compensation fund registration requires us to fill out an application and on that application we need to state what your standard industry classification code is. This code will be used to apply the rate at which you will be assessed.
The annual return consists of the actual employees cost for year of assessment and then a provisional/predicted amount for the next financial year.