by Marc Ring | Nov 25, 2024 | Premium, Wage Audits, Workers Compensation
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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by ABILITY GROUP | Mar 1, 2021 | Claim management, Injured Worker, Premium, Wage Audits, Workers Compensation
If you are an employer and you feel out of your depth trying to navigate through the Workers Compensation process, you are not alone
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by ABILITY GROUP | May 28, 2019 | Wage Audits
Compliance Monitoring Audits conducted by Fair Work Ombudsman in NSW, Victoria & Queensland has recovered more than $580,000 in unpaid wages following a number of audits that uncovered employer’s non-compliance with Australia’s workplace laws.
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by Marc Ring | Feb 7, 2017 | Premium, Wage Audits, Workers Compensation
Like other audits, a workers compensation wage audit can be very stressful & confronting. Businesses face having to pay higher unpaid premiums, late payment fees & the actual audit costs. We assist businesses of all sizes either pre or post wage audits reduce their financial exposure.
iCare and its scheme agents have legal rights to audit employer’s records to ensure they are paying the correct premium.
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by Marc Ring | Mar 18, 2016 | Appeal, Wage Audits, Workers Compensation
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.
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