As we approach the end of the financial year, now is the time to review your remuneration estimates previously submitted for the current 2020/21 policy year.
At the end of the financial year employers are required to declare their actual earnings for 2020/21.
If your rateable remuneration has increased by more than 20% on what you estimated at the start of the year, a financial penalty may apply.
Insurance House recommends that employers review their 2020/21 estimated remuneration figure now. If your rateable remuneration has increased by more than 20% from the estimated remuneration, you need to notify WorkSafe and submit the revised estimated remuneration within 28 days of you becoming aware of the increase.
Our advice is general in nature. To read the full General Advice Warning click here.