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Apply for a letter of Good standing - Compensation Fund
1. What is a letter of good standing?
A letter of good standing is issued by the Compensation fund to state that the business is currently registered and does not owe the fund any money. It is also issued when a business registers with the Compensation Fund and pays the provisional assessed amount.
2. Can a letter of good standing be obtained without being registered with the Compensation Fund?
No, a business must be registered with the Compensation Fund before a letter of good standing can be obtained. You can register with the Compensation fund here.
3. Will I know the reasons why my application has been rejected?
Yes, we will send you full details on why the letter could not be issued within 5 working days after we have received your order.
4. Is a letter of good standing the same as a tax clearance?
No, although a tax clearance (good standing) can be obtained from SARS it is two totally different certificates as the one is issued by SARS based on income tax, VAT, PAYE etc. where a letter of good standing is issued by Compensation Fund.
FOR ALL THE INFO YOU NEED ON THIS SPECIFIC SERVICE PLEASE CLICK ON THIS "FAQ" BUTTON.
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Please note that a business must be registered with the compensation fund before a letter of good standing can be obtained.
A letter of good standing can be obtained once the employer has complied with the requirements of the Act, inter alia :
1. Employer must be registered with the Fund as per section 80 of the COID Act,
2. Employer must have submitted all returns of earnings as per section 82 0f the COID Act,
3. Employer must be fully assessed as per section 83 of the COID Act,
4. Employer must have paid/ settled all outstanding debt as per section 86 of the COID Act.
Employers that have not yet been assessed by the Compensation Fund will first be assessed, up to the current assessment year, and are expected to pay all assessments in order to meet the criteria set out above.
1. How does it work?
Step 1 - complete and submit online form below
Step 2 - pay the R450 (our service fee) online via credit card/eft or direct deposit.*
*Please note: the client is still responsible to have all returns and monies paid up to date with the compensation commissioner to enable us to obtain the letter of good standing. Should there be any outstanding issues the client will be notified by us.
As soon as we have received the application for a letter of good standing, we will request it from the Compensation Fund. If there are no outstanding returns/monies on the registration number, the letter of good standing will be e-mailed to you within 5 working days**
** If there are outstanding monies owed to the fund when we apply for the letter, we will notify the client of the outstanding amount. The client can then submit proof of payment to us. We will hand in the proof of payment with Compensation Fund. The letter of good standing will then be issued within +- 5 working days after the proof of payment has been submitted and Compensation Fund has no further queries.
** If there are Return of Earnings (ROE) outstanding for one or more year(s) these ROE must be submitted, assessed by Compensation Fund and paid by the employer BEFORE a letter of good standing will be issued. If this is done manually it can take weeks and even months for Compensation Fund to raise assesments. If done through our system or the Compensation Fund's online ROE system an assesment will be raised immeidiately and send to the client within 2 working days. Once this assessment(s) has been paid the letter of good standing can be obtained.
2. What is the turnaround time?
If there are no outstanding issues on the registration number for which a letter of good standing was applied for the letter of good standing will reach you within 5 working days. If there is however outstanding issues the responsibility lies with the user to sort these out. As a myfinance-online user you can contact our offices for assistance in this regard. As soon as all issues have been resolved the letter of good standing will be e-mailed to you.
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This service costs R 450.00. This form will be added as "Apply for a letter of Good standing - Compensation Fund" in your basket.
Please make sure information on this form is entered correctly as we rely heavily on information supplied. Incorrect information will cause a delay in the service.
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