Important Update: Changes to Late Payment Fee Waiver Process for Workers Compensation Policies. In line with recent regulatory updates, ABILITY GROUP is advising all employers and brokers of a significant change to the process for requesting late payment fee waivers and write-offs for Workers Compensation policies in NSW.
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Each Australian States & Territory have different workers’ compensation legislation & consequently, the method (or formula) used to calculate a workers’ compensation premium. Workers’ compensation insurance premiums are typically based on the business industry, annual wages & a range of other factors that could include claims frequency/costs, underwriting decisions, and various adjustments. The reason why a workers’ compensation premium increases, therefore, depends on a variety of factors.
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As we enter the 2025/26 financial year, businesses across Australia will face a mixed bag of changes to 2025/26 workers compensation premium increases. At ABILITY GROUP, we’re committed to helping employers navigate workers compensation-related matters with clarity and confidence. Here’s a state/territory breakdown of what’s changing and what it means for your 2025/26 workers compensation premiums.
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As summer approaches, it’s time to review and renew your policies. June marks a critical period for policyholders, and we’re here to ensure your coverage continues seamlessly, whether you’re renewing a business insurance plan, updating your health coverage, or reviewing your property protection.
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In NSW the State Insurance Regulatory Authority (SIRA) has recovered $10M in underpaid premiums. SIRA identified 81 employers suspected of being underinsured for workers compensation, primarily due to under-declaring wages. This was achieved through direct employer engagement and predictive data modelling. Following our Wage Declarations & Adjusted Premiums article last month, SIRA’s actions act as a timely reminder for all Australian businesses to ensure they provide accurate actual wage declarations to avoid fines/penalties or interest.
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Timely submission of a business’ actual wage declarations is an essential step in processing their workers compensation premium adjustment. In discussions with underwriters recently we have noted a heightened focus for insurers to obtain Actual Wage Declarations before the due date. Understanding wage declarations & adjusted premiums is important for businesses needing to successfully manage cash flow, profitability & other aspects.
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