Work out your remuneration
On this page
- Key dates to report your remuneration
- Reporting changes to your remuneration
Your insurance premium is determined in part by your remuneration, which is made up of the wages and other benefits you pay to your workers. Remuneration:
- is the gross amount you pay to workers before tax
- can include both cash and non-cash payments.
Provide your remuneration information
WorkSafe estimates your rateable remuneration and calculates your WorkCover premium every July. If you don't agree with WorkSafe's estimate you can change it at any time to have your premium recalculated – the premium due dates still apply.
You're required to tell your WorkSafe Agent your certified rateable remuneration by either:
- 30 October 2016 (if your remuneration is over $200,000) or
- 31 March 2017 (if your remuneration is under $200,000).
If you don't provide your certified remuneration by the due date that applies to you, WorkSafe will estimate your remuneration as 20% more than it was the previous year.
If your remuneration changes
You need to provide your WorkSafe Agent with a revised estimate within 28 days of the time you become aware that:
- what you expect to pay in remuneration is 20% or more above your current estimate, or
- what you've actually paid in remuneration at any time before 30 April is more than your current estimate for the whole financial year.
If you don't do this a penalty of up to 100% of the insurance premium difference may be applied for the financial year.
You should also advise your WorkSafe Agent if your actual remuneration will be less than your estimate so your future insurance payments can be adjusted.
If your remuneration is over $200,000 your premium will be calculated taking into account your a weighting that's based on your own claims experience. Large employer's have a weighting based on your own claims experience. You should talk to your WorkSafe Agent about how this may affect you.
Reduce your premium
If you operate your business for the full financial year the first $15,500 of your remuneration will be automatically deducted when your insurance premium is calculated. If you operate for only part of the year, you'll receive a pro-rata amount of this deduction.
If your annual rateable remuneration is between $7,500 and $15,500 you're still required to pay the minimum insurance premium amount – $206.80 inc GST for 2016/17.
This deduction will be shown as the 'remuneration deductible benefit' on your insurance premium notice.