It’s that time of year when WorkCover annual renewals are arriving in the mail.
Renewals are due to be submitted between 1 July and 31 August each year. Your renewal notice will advise of your due date.
The arrival of these notices also creates a lot of questions for employers.
We have put together some details that we hope will give you some clarity.
I need to pay WorkCover insurance for my employees – Fact
If you employ workers in a business that operates from Queensland, you need to insure them against work-related injuries. There are no exclusions for part-time or casual employees, and there is no wages threshold.
For more information on who is a worker please visit the following links:
I don’t have to pay WorkCover for subcontractors – Fiction
Subcontractors who are sole traders could be considered workers and you could be required to include them in your WorkCover policy.
I don’t have to cover myself as a Company Director – Fact
All payments to Company Directors, Trustees of a Trust and Partners in a Partnership are exempt from WorkCover. This unfortunately means you’re also not covered by WorkCover if you’re injured at work. There are many insurers that offer Personal Injury or Accident policies that could be suited to your circumstances. It would be best to discuss your needs with your Insurance Broker.
I need to include super and fringe benefits in my wages calculation – Fact
Your premium renewal will ask for actual wages paid in the last financial year and your estimated wages for the current year. Both your actual and estimate should include gross wages (including PAYG withholding), super and fringe benefits paid if any.
Your declaration involves two components. One relates to the prior financial year, reporting your actual wages. If this amount is different to your estimate on your previous years notice an adjustment in the form of a refund or bill will result.
The second component is the estimate for the upcoming financial year. If this differs throughout the year it will be adjusted on the next years notice as per the first component mentioned.
For more information or to apply for a WorkCover policy online please visit
https://www.worksafe.qld.gov.au/insurance/apply-for-workcover-policy-online