Pay your insurance premium
There are a variety of options available to pay your yearly WorkCover insurance premium. You can choose to pay as a one-off payment in advance, or in installments.
If your insurance premium is $1,000 or less, you must pay the full amount as a one-off payment, by 1 November each year.
Paying in full
- If you pay the full insurance premium amount before 5 August, you will receive a 5% discount.
- If you pay the full insurance premium amount before 1 October, you will receive a 3% discount.
If you are paying the minimum insurance premium for 2016/17 ($206.80 inc. GST), you will also be eligible for this discount.
If you choose to pay your insurance premium quarterly, you must pay the installments by the first day of October, December, March and June.
If you choose to pay in 10, monthly installments, payment is due on the first day of the month, starting on 1 October and ending on 1 July.
Late payment penalties
An overdue amount for 2015/16 will incur a monthly late payment penalty at the rate of 10.01% per annum.
If installments are not paid by the due date, your installment plan may be cancelled. With all future installments then payable immediately.
Goods and Services Tax (GST)
Your insurance premium is subject to GST. GST is added after the insurance premium has been calculated.
Details of the amounts that you may be able to claim back from the Australian Tax Office are on the back of your WorkCover insurance invoice.