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Worksafe Rateable Renumeration

Wednesday, July 1, 2020

WORKSAFE RATEABLE REMUNERATION

Try saying that 10 times quickly!

As employers, we pay our workers compensation based on our estimate of employee remuneration for the year.

At the end of the financial year, Worksafe ask us to lodge a Worksafe Rateable Remuneration declaration which provides the actual remuneration figures for the year. The amount of workers compensation that should have been payable is then calculated on these confirmed amounts.

If your annual remuneration is more than your estimate, you will be invoiced the difference to pay.

If your annual remuneration is less than your estimate, you will receive a credit on your account. You can ask for this to be refunded.

You are meant to update your remuneration estimate with Worksafe if the annual amount is set to increase by 20% or more from your original estimate.

Similarly, you can also reduce your remuneration estimate if you know there will be a significant difference for the year from your original estimate.

Understand how your remuneration is calculated, what’s included and what’s exempted.

https://www.worksafe.vic.gov.au/remuneration-inclusions-and-exclusions

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