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Workers Compensation

Workers Compensation. Who is Covered. Sole Trader – Only Employees – not policy holder Partnership – Only Employees – not policy holder Company – All employees including directors. When is a Policy Required. When you employ someone (excluding subcontractor)

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Workers Compensation

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  1. Workers Compensation

  2. Who is Covered • Sole Trader – Only Employees – not policy holder • Partnership – Only Employees – not policy holder • Company – All employees including directors

  3. When is a Policy Required • When you employ someone (excluding subcontractor) • Where wages are greater than $7500 p.a.

  4. Insurers • Must be registered by Workcover • No difference in premiums • Ancillary benefits may vary • Courses • CPD Points

  5. Premium Based on Total Wages • salary / wages • overtime, shift and other allowances • over-award payments • bonuses, commissions • payments to working directors (including directors’ fees) • payments to pieceworkers (who are not sub-contractors) • payments for sick leave, public holidays and the associated leave loadings • value of any substitutes for cash • employer superannuation contributions (including the superannuation guarantee levy) • grossed-up value of fringe benefits

  6. How is Premium Calculated • The industry in which the employer operates • The amount of wages the employer pays to its workers • The costs of any claims made by their workers (for employers with a basic tariff premium greater than $30,000) • The dust diseases levy • Wages paid to apprentices.

  7. WIC Rates 2013 - 2014

  8. Premium Calculation • Where there are multiple descriptions the highest rate will apply to the premium

  9. Employee or Contractor An employee is more likely to: • be subject to direction from the employer as to the work to be performed and the time and manner in which it is performed; • be required to actually carry out the work; • be paid on a time basis; • have tools and materials supplied by the employer; • work exclusively for a single employer

  10. Employee or Contractor A contractor is more likely to: • be engaged to carry out a particular task using his or her own skill and judgement; • employ others, delegate or sub-let work to another; • be paid on the basis of a quotation for the job; • supply his or her own tools and materials; • carry on an independent business in his or her own name or under a business or firm name; • be affected by PAYG tax arrangements.

  11. Increase in Premiums • Medium & Large Organisations premiums will increase where claims are made. • This applies to organisations where the policy is > $30 000

  12. Calculation of Premium • On application you will estimate the wages • Policy premium will be based on this • Reviewed and adjustments are made at policy renewal time

  13. Certificate of Currency • Proof that you hold a current policy • You should request a copy from subcontractors

  14. Excecise • Calculate Basic Tariff for a Residential Building Company • Admin Staff $35 000 • Supervisor $80 000 • Carpenter $65 000 • Labourer $45 000

  15. Exercise • Calculate Basic Tariff for a Residential Building Company - • Admin Staff $35 000 • Supervisor $80 000 • Carpenter $65 000 • Labourer $45 000 • Total $225 000 x 5.040% = $11 340

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