WorkSafe Victoria – Industry rates and key dates for 2022/2023

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Appointing myWorkCover to manage your policy is the simplest way to renew and declare your wages. We will make certain that your business classification is correct and that you pay the appropriate premium. By renewing your policy with us, you’ll be able to see any discounts you’re entitled to, compare your claims performance to the industry average, and understand the factors influencing your premium calculation (such as wages or industry rate).

WorkCover Premiums Order no.30 | industry rates | important dates for premium payments | discounts |renewing your coverage.

The average premium rate for 2022/23 is 1.272% of the state’s rateable remuneration.

Each legislative state publishes its industry rates and claims cost rates every year. These are used to calculate an employer’s premium based on how their workplaces are classified. WorkCover insurance premiums may be affected by any claims you’ve been engaged in. Payments paid about a claim, including an estimate of future costs, are referred to as claim costs. You can find the full article on “How WorkCover Claims Impacting Your Premium” here.

Claims Statement available online – 11 May 2022

Employers who reported claims between 1 January 2019 and 31 December 2021 will be able to access a WorkCover Insurance Claims Statement through Worksafe’s Online Employer Services beginning 11 May 2021. This statement is issued only once a year and is used to calculate the premium for the fiscal year 2022-23.

Certificate of Currency

Certificates for 2022-23 will be available on June 8, 2022. Sign up for email delivery through WorkSafe’s Online Employer Services (OES) to receive a Certificate of Currency each year. If you are having problems, please contact myWorkcover; we are here to help.

Buying out your excess

Employers have until 1 August 2022, to exercise their excess buy-out option. Want to know what is a buyout option is? Click here for more information.

Updating your premium

Employers can review or update their 2022–23 Estimate of Rateable Remuneration. Renewal notifications will include submissions received before June 30, 2022.

To avoid the underestimation penalty, WorkSafe recommends that employers review their remuneration again in March 2023 and submit the estimate by the end of April 2023. If you need assistance, please contact myWorkCover. More information on penalties can be found here.

Premium Renewal Notices

Employers will be able to access their 2022–23 Premium Renewal notifications online beginning 7 July 2022, through WorkSafe’s Online Employer Services. If you require assistance with the renewal process, please contact myWorkCover and we will ensure that you pay the correct premium.

2022–23 Premium due dates

• 5% discount due date – 15 August 2022
• 3% discount due date – 1 October 2022
• First premium instalment (for monthly or quarterly plans) – 1 October 2022
• Annual premium due date (without discount) – 1 October 2022

Dates for certifying your 2021-22 remuneration

The due date for certifying remuneration is stated in an employer’s renewal pack.

• 28 October 2022 (for large employers)
• 24 March 2023 (for small employers)

Other key dates and parameters for WorkSafe insurance premiums in the 2022-23 Premiums Order

• Claims Reporting Period – 1 January 2019 to 31 December 2021
• Remuneration Experience Period – 1 July 2018 – 30 June 2021
• Minimum premium – $227 ($249.70 including GST)
• Maximum claims cost for an individual claim – $438,300
• Maximum legal costs for an individual claim – $82,000
• Maximum recovery – for an individual claim allocated to an employer’s performance calculation – $438,300

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Disclaimer:

The information in this post is strictly for informational and educational purposes only and should not be construed as legal advice. It is not intended to express specific opinions about specific cases. Before acting on any of the issues discussed in this post, seek additional advice. The information provided should not be relied on for any purpose other than to assist you to understand how Workers’ Compensation insurance works. It is for illustrative purposes only and My WorkCover Solutions Pty Ltd does not accept liability for any loss or damage suffered by any person resulting in any way from the use of or reliance on, the information provided. The information in this article is believed to be correct as of the date of publication. However, changes in the applicable laws may have an impact on the accuracy of the material. This article contains general information that is not tailored to any specific person’s situation. This publication may contain information that relates to the regulation of Workers’ Compensation insurance in your State or Territory. To ensure you comply with your legal obligations, we would recommend you refer to the appropriate legislation as currently in force in the State or Territory you conduct your business. You can find up-to-date legislation by visiting each state’s WorkCover Authority website, alternatively contact myWorkCover for updated information.