Your accident insurance policy – which covers your business for the cost of any work-related injuries – is due for renewal. To ensure you are covered for another year, you need to declare your wages information by 31 August 2017.
It is important to understand who you should cover for workers’ compensation and what wages you need to declare. WorkCover Queensland has made changes to the wages definition, increased the early payment discount and more, see below:
What’s new this year?
From 1 July 2017, wages paid to apprentices during the course of their apprenticeship will no longer be included in your premium calculation – resulting in a discounted premium for those who employ apprentices. This discount does not apply to trainees.
While you still need to declare apprentice wages to WorkCover, they will not be included in your premium calculation and your apprentices will continue to receive the same level of cover if they sustain an injury in the course of their employment.
Early payment discount increased to 5%
Employers who pay their premium in full have previously been able to benefit from a 3% discount on their premium. From 1 July, WorkCover Queensland are increasing this discount to 5%. To take advantage of the 5% discount this year, you need to declare your wages by 31 August, and pay your premium in full by 16 September. Your premium must be greater than $200 to qualify for the 5% discount.
Step-by-step online wage declaration option
WorkCover Queensland have made declaring wages online even easier this year, with the introduction of their step-by-step declaration option. If you’re unsure about what you need to declare as wages, use the step-by-step option to be guided through the wage declaration process where you will be prompted to include (and exclude) all relevant payments that make up your final wages.
Employers who renew their policy online will be able to get a better understanding of the factors that influence their premium calculation, through WorkCover Queensland’s new policy snapshot. By declaring your wages online, you’ll be able to easily see any discounts you may be benefiting from, compare your claims performance to the industry average, and see how changes to key factors (such as wages or industry rate) have influenced your premium.
$200 minimum premium price
Small business owners can continue to benefit from changes WorkCover Queensland made last year that reduced the minimum premium price from $290 to $200.
For more information, please to the Wages Definition Manual.
Reference: www.worksafe.qld.gov.au, ‘It’s time to renew your WorkCover accident insurance policy’, 01/07/2017, https://www.worksafe.qld.gove.au/news/2017/its-time-to-renew-you-workcover-accident-insurance-policy, 07/07/2017.