It is important before the close of June 2011 to review your remuneration (payroll) to avoid unnecessary penalties from WorkSafe Victoria.

You will now have a good idea of what your remuneration will most likely be for this financial year. If you forecast an increase greater than 20% in your remuneration for the 2010/11 year, compared to the remuneration you estimated at the beginning of the financial year, you must provide your WorkCover Agent with a revised estimate in writing immediately. If you fail to do so, you may be penalised up to 100% of the premium difference.

Consider if there have been any unplanned activities this financial year that could result in an increase in remuneration, for example business acquisitions, increases in staff numbers due to a growing industry or increases in superannuation payments. Also consider if all your active workplaces are registered on your WorkCover policy and inform your WorkCover Agent if any worksites were registered or ceased this financial year.

Click here to be directed to WorkSafe Victoria for more information regarding rateable remuneration.

It is also good practice to advise your WorkCover Agent if your actual remuneration during the policy period will be significantly less than the remuneration you estimated at the beginning of the financial year. Your future premium installments can then be adjusted in line with the reduced remuneration.

Please do not hesitate to contact James Kydas or Paul Marsh at P2 Group (03) 9818 8914 if you have any queries or require assistance with this matter.