Your accident insurance policy with WorkCover Queensland—which covers your business for the cost of any work-related injuries to your workers—is due for renewal by 31 August
To renew your policy, WorkCover asks you to declare the actual wages paid during the last financial year and the estimated wages you expect to pay in the current financial year. You'll receive a wage declaration form by mail or email and you can go online to declare your wages from 1 July.
Once you've declared your wages, you can generate your own premium notice or WorkCover can send you a premium notice that includes information about how your premium is calculated.
To ensure you meet your workers' compensation obligations, it's important to be aware of who you need to cover and what payments you need to declare as wages. For example, some contractors may need to be covered and you must include superannuation and fringe benefits as wages.
Use the Declaration of wages guide (PDF, 3.26 MB) to help you determine what you need to declare, or get step-by-step help when you renew online. All superannuation contributions made by an employer on behalf of a worker must be included as wages in your declaration.
Declare your wages early to take full advantage of our flexible payment options, including:
- interest free monthly payment plans with deductions occurring on the date of your choice
- a five per cent discount if you pay your premium in full by 16 September.
Wages for apprentices, not trainees, during their apprenticeship are excluded from premium calculation—resulting in a discounted premium for those who choose to employ apprentices.
How to calculate your fringe benefits
Fringe benefits are items paid by an employer on behalf of, or for the benefit of, employees or their families and include motor vehicles, loan benefits, debt waivers, housing, expense payments, school fees, car parking, payment of health benefits, etc. The grossed up taxable value of these benefits should be declared as wages.
Weekly compensation payments/employer excess
Payments made to injured workers as part of the claims excess period and weekly benefit payments (wages) paid to the injured worker that are reimbursed by WorkCover should be excluded from your wages.
Employers who renew their policy online will be able to get a better understanding of the factors that influence their premium calculation. 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.
Certificate of currency
Your certificate of currency will be attached to your renewal notice sent out in early July. If you don't receive electronic communications, or you need another copy throughout the year, you can go online at any time to obtain your certificate of currency.
More information is at www.worksafe.qld.gov.au