For all NSW workers compensation policy holders with a 30 June 2018 Renewal date, the deadline to submit Declaration of Actual Wages was 31 October 2018. If you have missed this date, your submission is now overdue. icare has advised that the policy adjustment process will soon commence for those submitted before this date.
2017/18 Premium Adjustments are Now Overdue – All employers in NSW are required to submit a Declaration of Actual Wages at the end of the policy year. If this is not completed within the 4 month period following policy renewal you may be liable for penalty interest or other consequences.
As a reminder, Wages include:
- Salaries
- Superannuation
- Bonuses
- Payments to ABN subcontractors
- Leave loadings
- Overtime Payments
- Commissions
- Laundry allowances (unless the company pays for or reimburses a worker for laundry related expenses that the worker incurs as part of their employment)
- Meal allowances (unless the company pays for or reimburses the worker for meal related expenses that the worker incurs as part of their employment)
Items commonly excluded:
- Dividends
- Payments to PTY LTD subcontractors
Please download the Declaration of Actual wages form from icare here.
Should you have any questions or require any assistance with the completion of this form, please do not hesitate to contact us at ABILITY GROUP.