Minimum premium
The minimum premium payable for a workers compensation policy is $175.
Payment in full in advance
Employers whose basic tariff premium is $1000 or less must pay their annual premium in full by the due date.
All other employers may choose to pay their premium in full by the due date or pay by instalments.
Payment of the annual premium in full in advance by the due date entitles employers with a premium greater than $175 to receive a discount on the premium (except employers participating in the Retro-paid loss scheme)
Payment by statutory instalments
Employers with a basic tariff premium of more than $1000 and less than or equal to $5000 have the option of paying in quarterly instalments.
Employers with a basic tariff premium of more than $5000 have the option of paying in quarterly or monthly instalments.
The Scheme Agent will provide a schedule of instalments with due dates for payment with your renewal/premium calculation notice. An employer elects to pay by instalments when they pay the first instalment by the due date, i.e. within one month after the commencement of the period of insurance.
If the first instalment amount is not paid by the instalment due date, the renewal amount in full becomes due one month after the date of issue of the renewal calculation notice.
If an employer misses an instalment or is having difficulty paying their premium they should immediately contact their Scheme Agent to discuss the payment options available.
Scheme Agents can charge employers a late payment fee, which is compounded monthly on the premium balance outstanding for payment arrangements that are outside of statutory instalment plans.
Call 13 10 50 for more information.