News
Previous News Items
- Current Market Volatility Update
- Depreciate & Appreciate
- Financial Markets Performance for the Financial Year Ended 30 June 2011
- July Newsletter 2011
- FPA calls on Industry Super network to finally come clean
- Self-Employed Super Tax Deduction
- June Newsletter 2011
- Caton's Corner June 2011
- May Newsletter 2011
- Reminder - Victorian WorkCover Remuneration Estimate
- April Newsletter 2011
- Caton's Corner April 2011
- March Newsletter 2011
- February Newsletter 2011
- December Newsletter 2010
- DMG Financial Adviser Achieves Excellence at FPA Value of Advice Awards 2010
- November Newsletter 2010
- Telstra Business Awards 2010
- World Markets - The BT View Brief for Wrap Investors
- July Newsletter 2010
By Wayne Dowd of DMG Financial
May 11, 2011
Each year many Victorian employers fall into the trap of having WorkCover premium penalties imposed for underestimating their remuneration.
As we are nearing the end of the financial year, now is an ideal time for employers to check that their 2010/2011 estimated remuneration to ensure that it is adequate. If you haven’t kept a copy of your estimate, the figure is recorded in your 2010/2011 WorkCover premium notice.
The penalty applies for under estimating remuneration by more than 20%. In this instance not only will you be made to pay the premium difference but also, an under estimation penalty equal to 25% of the premium difference.
It is important to note that the definition of remuneration is not simply salaries and wages but also includes: superannuation, director(s) fees, bonuses, allowances, FBT benefits, and fees for work performed by a deemed worker. It excludes, workers compensation payments, termination payments, some payments to apprentices and trainees, partners drawings, and dividend payments. A more detailed explanation of the definition of WorkCover ratable remuneration is available on the WorkSafe website
If you require assistance please contact your DMG Accountant.
 |
 |
 |