NSW Employers Reminded to Declare Workers Compensation Wages

NSW employers with a workers compensation policy through iCare NSW are being reminded of the importance of declaring actual wages each year to ensure premiums are calculated
correctly.

Why Wage Declarations Matter

At the end of each policy period, businesses must submit the wages paid to workers so premiums can be adjusted based on actual figures rather than estimates. This process helps ensure employers are paying the correct premium amount and maintaining the appropriate level of workers compensation cover.

Accurate wage declarations also assist in avoiding compliance issues and keeping policy details up to date, including worker numbers, apprentices and business classifications.

Potential Penalties for Non-Compliance

iCare advises that failing to declare wages can lead to audits, cautions, penalty notices or prosecution by the State Insurance Regulatory Authority (SIRA). Employers should also ensure declarations align with their policy period rather than the financial year.

How to Declare Wages

Employers can submit actual wages or update estimated wages online through the iCare portal, with declarations generally due within four months of policy expiry.

For more information, including what payments should be included in wages and how to complete the process, visit the full iCare NSW page: Declaring Wages – iCare NSW.