With the Easter long weekend upon us and with most NSW insurers having completed their outstanding renewal premium processing, ABILITY GROUP have been assisting clients and brokers with a larger number of enquiries regarding icare (previously WorkCover) Wage Audits.
Icare have a compliance program that verifies if employers have paid their correct premium. To ensure that employers are paying the appropriate workers compensation premium, legislation gives icare and the Nominal Insurance Agent right to access an employer’s wage records in conducting a Wage Audit. When an audit reveals a business has under declared their wages, the employer must pay the outstanding premium as well as a late payment fees dating back to when the premium was originally due. In addition, when wages have been under declared by more than 25%, the employer will be charged the wage audit cost.