December is a critical month for businesses, especially in New South Wales, as many insurance policies and compliance obligations fall due. With icare’s automatic renewal process in place, employers must stay proactive to avoid costly errors and ensure their workers’ compensation policies remain accurate.
Understanding icare’s Renewal Process
- Automatic Renewals: Since 30 June 2018, icare automatically renews policies using wages currently on file.
- Declaration of Estimated Wages: Employers only need to submit this if their estimated wages differ by more than 15% from the wages used for renewal.
- Accuracy Matters: Incorrect wage declarations can lead to underpayment or overpayment of premiums, impacting cash flow and compliance.
Common Pitfalls in December Renewals
- Missed Variances: Employers often overlook wage changes, leading to inaccurate premiums.
- Late Adjustments: Delays in submitting declarations can cause administrative headaches.
- Limited Awareness: Many employees are unaware of their obligations, as information isn’t always clear on the Fair Work or icare websites.
How ABILITY GROUP Can Help
- Review & Re?process: We assist with re?processing renewals when wage variances exceed 15%.
- Compliance Support: Our team liaises directly with icare to ensure your policy is correct.
- Peace of Mind: We simplify the process so you can focus on running your business during the busy festive season.
Key Takeaways
- December renewals are automatic but require employer oversight.
- Wage variances greater than 15% must be declared.
- Partnering with ABILITY GROUP ensures compliance, accuracy, and reduced risk.
Should you have any questions, please do not hesitate to contact us.