It is rare that a year goes by where there aren’t changes in the Workers Compensation industry. This year we have listed some of the recent changes in NSW that will effect policies renewing on or after 30 June 2007. These are as follows;

Wages Declarations
As per the Regulation Amendments December 2006, employers in NSW are no longer required to supply their Scheme Agent with tax agent/company auditor’s declaration of actual wages.

Premium Rates Reduced
A five per cent premium rate reduction takes effect with the gazetting of the Insurance Premiums Order (January-June) 2007. This premium reduction applies to all WorkCover Industry Classification (WIC) rates and will affect policies issued or renewed on or after 31 December 2006.

Certificate of Currency
From 1 July 2007, NSW WorkCover will allow employer’s workers compensation certificate of currency to be valid for 12 months, instead of four months.

Apprentice Incentive Scheme
This is a new incentive that will be available to NSW employers. For small employers (premium under $10,000) the wages paid to an apprentice will no longer be used to assess your premium. The same will apply for large employers however the claims costs associated with any apprentice injured at work will still be used when calculating a larger employer’s experience premium.

Policies renewing between 31 December 2006 and 31 December 2007, will not receive the premium exemption up front, they will have to wait 12 months and the exemption will be deducted from the final premium at the end of the insurance period. Those employers commencing or renewing after 31 December 2007 will have the exemption applied to their premium at the start of the policy period.

For more information on this please contact GSA workers comp on 02 8274 8100.