Check Your WorkCover Remuneration Estimate Before EOFY!

This is a reminder for employers to check their annual Rateable Remuneration estimate for WorkCover for the year ending 30 June 2024.

What is Remuneration?

Remuneration includes the total benefits that an employee receives from their employer including wages, salaries and superannuation. Each year, this becomes rateable remuneration when it is included in your insurance premium calculation by WorkCover.

For all the employee benefits include in rateable remuneration, click here.

In July every year, WorkSafe Victoria estimates your rateable remuneration and calculates your WorkCover premium.

What needs to be checked?

If you are an Aintree Group bookkeeping client, you can disregard this information as your bookkeeper will take care of this on your behalf.

It is important you review your current estimate and take action by the end of financial year, if you do not have a bookkeeper managing your WorkCover obligations.

If what you expect to pay in remuneration is 20% or more above your current estimate, you will need to login to WorkSafe to update your remuneration prior to 30 June 2024 to avoid penalties.

Similar rules apply in other states and territories if you employ outside of Åustralia. You should check your remuneration estimates and obligations there.

Have any questions about your WorkCover obligations? Please speak to your Aintree Group accountant or bookkeeper for individual advice. We also recommend you check out WorkSafe’s website for more information. 

This is general advice only and has not been prepared with your situation and needs in mind. For individual and personalised advice, we highly recommend that you seek out proper professional advice from your accountant and bookkeeper.