Top tips for renewing your policy
12 Jun 2013
Your WorkCover accident insurance policy covers you in financial year periods. Each new financial year, every accident insurance policy in Queensland is renewed.
If your policy in the last year had a premium of $1200 or more, you will soon receive a wage declaration form by email or mail to declare your actual wages for 2012-13, as well as provisional wages for 2013-14. For policies with a premium of less than $1200, we will automatically assess your policy.
New legislation which changes the definition of a worker for workers’ compensation purposes has been passed in Parliament. The new legislation will come into effect on 1 July 2013 and will apply to 2013-14 provisional wages. When you are declaring your 2012-13 actual wages, you will need to declare as per the previous definition.
To help you with your policy renewal, here are our top tips for getting it right.
- Do you employ sub-contractors? They may be workers and their wages have to be declared.
- If your policy is in the name of a company, do not include your Directors wages
- Don’t forget that you are declaring gross wages and superannuation.
- If fringe benefits are included as part of a salary sacrifice, we need the grossed up amount (effectively the fringe benefit plus the tax) whereas if it is just a benefit, then only declare the value of the benefit. Your accountant will be able to assist with providing the grossed up amount.
- You need to declare allowances, however you don’t need to declare any employee reimbursements for work related expenses. Read our wages definition manual for more information.
- If you no longer employ workers, you will need to notify us. The easiest way to do this is on the wage declaration form.
Your wage declaration form must be submitted by 31 August 2013. To save time, why not lodge your wage declaration via Premium online? For more information on renewing your policy, visit our website or call us on 1300 362 128.
Key premium dates
- Last updated
- 30 June 2015
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