Remuneration

Your WorkSafe Injury Insurance premium is determined, in part, by the size of your remuneration. This is made up of the wages and certain other benefits you pay to your workers.

To calculate your premium, your premium rate (or percentage) is multiplied by your remuneration.

Definitions of remuneration on this website apply for the policy years since 2002/03. If you require definitions for prior years, please contact your Authorised WorkSafe Agent.

How do I record my remuneration?

Complete the form as indicated to certify your remuneration for the policy year and estimate the amount of remuneration you expect to pay in the coming policy year.

It is important that you complete this form by 31 July so that your premium can be finalised and your premium for the coming year can be calculated.

If you do not certify your remuneration by this deadline, it will be deemed by increasing the most recent certified remuneration by at least 20%.

If you do not return your form, we will use an estimate of your remuneration to calculate your premium. This estimate is based on the most recent available data on your business plus 10%. This amount is added to cover such things as wage increases and business growth (extra staff).

However, even if you have not returned the form by 31 July, you should still provide a remuneration estimate to your WorkSafe agent as soon as possible, so that your premium can be adjusted to reflect the correct remuneration.

At the end of the policy year, you will be asked to supply your certified actual remuneration to your agent and your premium amount (not the rate) will be adjusted accordingly.

Please be aware that the WorkSafe conducts regular audits of employers to determine the accuracy of the information provided.

What if my remuneration changes?

If, at any time, you become aware that:

• what you expect to pay in remuneration is 20 per cent above your current estimate, or
• what you have actually paid in remuneration at any time prior to 30 April is greater than your current estimate

You must provide your WorkSafe authorised agent with a revised estimate within 28 days. If you fail to do so, you may be penalised up to 100% of the premium difference.

You may also advise your agent if your actual remuneration during the policy period will be less than your latest estimate of remuneration. Your future premium instalments can then be adjusted in line with the reduced remuneration. However, you need to be sure that your expectations of reduced remuneration are realistic.

Remuneration deductible

Employers who operate for a full financial year have the first $15,500 of their total remuneration automatically deducted before their premium is calculated. Those who operate for part of the year receive a pro-rata amount of this deduction. Employers whose annual remuneration is between $7,500 and $15,500 are still required to pay at least the minimum premium.

Further information:
• All the items you need to include in your remuneration is detailed at what to include.
• A quick guide to remuneration - the Remuneration checklist.
• Frequently Asked Questions about remuneration