Victorian Workers Compensation Changes 2014

by | Jun 4, 2014 | Consulting, Work Health & Safety, Workers Compensation

WorkSafe Victoria Changes

From 1 July 2014, significant reforms reshaped the Victorian workers’ compensation system. The Workplace Injury Rehabilitation and Compensation (WIRC) Act 2013 came into effect, simplifying Workcover laws and introducing new premium arrangements. These changes aimed to provide greater clarity, fairness, and sustainability for both employers and injured workers.

Victorian Workers Compensation changes 2014 include the following and further information can be found via the links below.

Allianz Australia outlined the following changes in the 2014/15 Premiums Order, which the government plans to gazette in June 2014.

  1. The government will gazette the 2014/15 Premiums Order, Industry Rates, and Industry Claims Cost Ratios in June 2014
  2. Workcover will not issue illustrative premiums for 2014/15, unlike in previous years
  3. The claims experience period will be 1 January 2011 to 30 June 2013
  4. Employers must use remuneration declared in the 2010/11, 2011/12, and 2012/13 policy periods to determine their Claims Cost Ratio
  5. The claims costs extract date for 2014/15 will be 31 March 2014
  6. WorkCover will base the 2014/15 premium calculation on existing remuneration, but employers can amend their estimated remuneration online after 1 July 2014
  7. Workcover will send renewal notices and invoices in early July 2014
  8. The government extended the final lodgement date for the 2013/14 Declaration of Rateable Remuneration for large employers (remuneration over $200,000) to 31 October 2014. Previously, employers had to submit it by the end of July
  9. The final date for lodgement of the 2013/14 Declaration of Rateable Remuneration for small employers (remuneration <$200,000) will be unchanged
  10. The due dates for paying the premium will still be the same:

– Paid in full with 3% discount – 1 October 2014
– First instalment (more than $1,000) – 1 October 2014
– Paid in full (less than $1,000) – 1 November 2014

Additionally:

  1. WorkCover is also likely to offer a 5% discount for businesses that pay their 2014/15 premium by 1 August 2014.
  2. The important work that VWA does across Victoria is much broader than just safety, so using their legal name – VWA – they believe better reflects all areas of VWA’s business. Read more here