As an employer, declaring wages is a crucial aspect of policy renewal. Wages encompass the total compensation provided to a worker, including salary, wages, or other forms of monetary earnings.
When should I renew my policy? To renew your WorkCover Accident Insurance policy, declare your wages and make the premium payment between July 1 and September 30 each year.
Important dates:
- From July 1: Declare your wages early through online services or by phone; consider utilizing a payment plan if needed.
- August 31: Deadline for wage declarations.
- September 16: If you pay in full by this date and declared your wages on time, you qualify for a premium discount.
- September 30: Full premium payment is due if you don't have a payment plan.
What needs to be declared? Accurate wage declarations depend on understanding whom you need to cover.
WorkCover requires information on:
- Your estimated wages for the current financial year.
- Actual wages from the previous financial year.
We also take into account your estimate of the last financial year’s wages, provided during your last policy renewal. This comparison helps assess differences and determines whether adjustments to your current premium are necessary.