Who needs a Victorian WorkCover Policy?
- If you engage workers or Contractors deemed to be your workers and your total remuneration is more that $7,500 per annum or,
- If you are employing an apprentice you are required to hold a WorkCover policy.
Minimum Premium Arrangements
If you engage workers or Contractors deemed to be your workers and your total remuneration is between $7,500 and $15,500 per annum, or you only employ apprentices, you are required to pay a minimum premium of $188.00 (plus GST = $206.80 ) per annum.
What is not remuneration?
- An after-tax dividend
- Apprentice wages
- All payments to a sole proprietor or partner
- WorkCover Payments (Insured weekly compensation)
- Pay in lieu of holiday pay paid at termination
- All payments to a true contractor
- Payments to a contractor (deemed a worker) for, supply of materials, cartage, supply of plant, tools and personal equipment used on the job ( Check Contractors book)
- An end of financial year profit dividend paid by a family trust to members
All other taxable income, including payments by a trustee, whether via a loan account or not, are leviable remuneration.
WorkCover Premium while initially based on an Industry Classification can be driven up or down by the cost of each employer’s Claims Experience.
Buy Out Option (Removal of Excess)
For an extra 10% Premium an Employer can buy out the first ten days compensation and the first $682.00 of medical expenses costs.