Victorian Workers Compensation Update – July 2015
All Victorian employers with a WorkCover policy should have received their 2015/16 Policy Renewal and 2014/15 Remuneration Certification documentation by now. The following information assists employers in meeting their WorkCover requirements.
9 July 2015
Employers will commence receiving their 2015/16 Premium Renewal documents. This document provides the premium and payment option details.
1 August 2015
Due date for employers wishing to pay their 2015/16 annual premium upfront in order to receive a 5% discount.
Last day for employers to take up the Buy-Out option. The Buy-Out option adds an additional 10% to the premium cost but ensures that employers do not have to pay their claims excess (first 10 days of weekly benefits and the first $667 in medical expenses) for any claim incurred during the policy period.
1 October 2015
Due date for employers wishing to pay their 2015/16 premium annually in order to receive a 3% discount.
30 October 2015
For employers with Rateable Remuneration greater than $200,000 in 2013/14 – Due date for completion of employers Certification of Rateable Remuneration (Actual Remuneration) for 2014/15.
1 November 2015
Due date for annual insurance payment without discount. This requirement is predominantly for employers who have not paid their 2015/16 Premiums by 1 August 2015 or 1 October 2015 attracting a discount and their 2015/16 premiums are $1,000 or less.
31 March 2015
For employers with Rateable Remuneration less than $200,000 in 2013/14 – Due date for completion of employers Certification of Rateable Remuneration (Actual Remuneration) for 2014/15.
The normal monthly or quarterly premium installment payment options will remain in place for employers not choosing to pay their 2015/16 premium upfront.
To qualify for the 5% or 3% discounts noted above, employers must pay their full 2015/16 premium less the applicable discount plus any 2014/15 or previous year outstanding premium balance by the due dates.
If you disagree with the 2015/16 estimated remuneration used in the calculation of your 2015/16 premium you can adjust this online via www.worksafe.vic.gov.au within the Insurance and Premiums tab. This will cause your premium to update automatically and payment can be made using the adjusted premium total.
Claims Costs used to calculate employers 2015/16 premium has been taken as at March 31st, 2015. Claims cost data impacting the 2015/16 premium is also available online however ReWork can assist you to access your claims statement information at any time of the year. This claims data is important in understanding the likely quantum of your premium in future years and being able to budget for likely increases as a result of claims.
Changes to other key 2015/16 premium parameters:
Claims Impact on Premium Period – Claims lodged between 1 January 2012 to 30 June 2014
- Minimum Premium – $186 ($204.60 including GST) – Unchanged from 2014/15
- Maximum Individual Claim Cost Impacting Premium – $360,200
- Maximum Individual Claim Legal Cost – $67,400
For assistance with any of these changes or any other workers compensation matters, please contact your Adroit Insurance Group Broker or ReWork directly on:
Call: 1300 471 234
Fax: 03 9602 2155
General Manager – ReWork
0457 730 245 | email@example.com