Workers Compensation Policy
Renewals for 2020/2021
It is that time of year when you, our valued clients with employees, will have to renew your workers' compensation policies. Depending on your circumstances, your policy may also have to cover certain contractors that you use and pay.
Expert Bookkeeping and Accounting Services are prepared to assist in preparing the calculations and updating the records for Workers' Compensation policy renewals which will save you time and hassle.
Workers' compensation is the insurance that ensures that you are covered for any costs that may arise as a result of a work-place related injury or disease. This insurance is a legislative requirement in all states and territories of Australia.
There are two sets of information that your policy provider requires in order to determine how much you need to pay. First, actual salary and wages paid (and possibly contractor payments) for the period 1 October 2019 to 30 September 2020, and second, a forecast of salaries and wages payable (and possibly contractor payments) for the period 1 October 2020 to 30 September 2021.
Naturally, there are certain additions and exclusion as to how salary and wages are calculated for workers' compensation purposes.
Published: 06/09/2020 18h49