Wage Audits - We Can Help | ABILITY GROUP | Workers Compensation, Health & Safety Specialists

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.

Wage Audits – We Can Help & What to Expect

Section 174 requires employers to keep accurate wage records and provide them to iCare or authorised persons upon request. Wage audits typically cover three completed policy periods. Employers receive written notice from iCare with auditor’s details, and the auditor then arranges the audit directly with the employer.

Employers must cooperate in relation to a wage audit by making arrangements for it to take place within a reasonable time after the initial request. If the employer does not comply with the request to provide records for the audit, iCare can issue an infringement notice and the employer can be prosecuted and fined up to $55,000.

Wages can include but are not limited to Salary/Wages, Overtime, shift and other allowances, Over award payments, bonuses, commissions, payments to working directors, payments for sick leave, public holidays and leave loadings, superannuation contributions, fringe benefits, long service leave termination payments and trust distributions.

The Scheme Agent will notify the employer of the results of the audit within 30 days of receipt of the Wage Audit final report.

What happens after you are audited?

If an audit finds wages under?declared, the employer must pay the outstanding premium plus late fees from the original due date. If under?declaration exceeds 25%, the employer also pays the audit cost.