Employers should ensure they declare and estimate their annual remuneration as requested on the WorkCover annual Rateable Remuneration Submission.
Each financial year, employers receive both a Workcover Insurance Premium and a Rateable Remuneration Submission. In paying the premium, employers can often overlook the requirement to complete the annual Rateable Remuneration Submission.
The annual Rateable Remuneration Submission requires the employer to certify the actual rateable remuneration and estimate the following year’s remuneration. A failure to do so, can result in interest and penalties being applied. To assist clients with this process, we will include the relevant dates in our lodgement obligations section of the relevant newsletter.
In addition, employers are reminded of the need to revise the estimate of rateable remuneration if it exceeds or is likely to exceed the most recent estimate of remuneration by 20%. WorkSafe should also be notified of any changes to your workplace or business activity, a change in your legal business, a change of address or the contact person for your insurance changes.
If you require any further assistance or clarification regarding your WorkCover obligations please contact our office.