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.
Workers Compensation is designed to protect both employees and employers when workplace injuries occur. For businesses, navigating the complexities of claims, premiums, and rehabilitation can be challenging. Miscommunication, inconsistent information, and frequent changes in case managers often add to the confusion.
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.
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.
With the Easter long weekend approaching and most NSW insurers having finalised renewal premiums, ABILITY GROUP has been assisting clients and brokers with increased enquiries about icare (formerly WorkCover) Wage Audits. If an audit finds under?declared wages, employers must pay the outstanding premium plus late fees from the original due date. Where under?declaration exceeds 25%, employers are also charged the audit cost.
