Victorian Workers Compensation Changes 2014

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

WorkSafe Victoria ChangesFrom 1 July 2014, WorkCover laws in Victoria will become simpler with the Workplace Injury Rehabilitation and Compensation (WIRC) Act 2013 becoming operational.

Additionally there are changes in the 2014/15 Premiums Orders that will be gazetted in June 2014. The numerous changes include…

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

Changes to the WorkCover Premium Cycle and calculations are being introduced to give businesses greater certainty, through the earlier notification of their premiums. The following changes (sourced from Allianz Australia) are expected in the 2014/15 Premiums Order expected to be gazetted in June 2014:

  1. The Premiums Order, Industry Rates and Industry Claims Cost Ratios for 2014/15 will be gazetted in June 2014
  2. No illustrative premiums will be issued for 2014/15 as they have been in the past
  3. The claims experience period will be 1 January 2011 to 30 June 2013
  4. Remuneration to determine the Employer Claims Cost Ratio will be remuneration declared in the 2010/11, 2011/12 and 2012/13 policy periods
  5. The claims costs extract date for 2014/15 will be 31 March 2014
  6. Estimated remuneration to be used in the calculation of the 2014/15 premium will be based on existing remuneration held but employers will be able to amend their estimated remuneration online after 1 July 2014
  7. Renewal notices and invoices will be issued in early July 2014
  8. The final date for lodgement of the 2013/14 Declaration of Rateable Remuneration for large employers (remuneration >$200,000) has been extended to 31 October 2014. Previously it was required to be provided at 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. WorkSafe Victoria will is now known as Victorian WorkCover Authority (VWA).  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