WorkCover is the compulsory South Australian workers insurance body.
If you employ staff (including Directors) you are legally obliged to register
for WorkCover and pay them an insurance premium calculated as a percentage
of your total wage bill, including superannuation.
There are a number of important factors to consider when registering
and completing your WorkCover documents:
The category you are placed in will determine how much you have to pay.
These categories have almost no logical order and can be quite confusing
for many business owners.
SUCCESSFUL CASE STUDY
We recently assisted a cosmetic medical practitioner to move from the
‘Beauty Services’ category WorkCover assigned him automatically,
to ‘Specialist Medical Services’. A net Workcover premium saving of 3.5%
off his annual wage bill, equating to $17,500 per annum cash in his pocket.
Bartley Partners can work with you too to ensure you are only paying what you
need to pay to keep your workers insured and safe.
Directors of small businesses receive money in many different forms
whether via trust distributions, wages, fees, loans, dividends, etc.
Depending how you structure your remuneration you may or may not be up for
Workcover on your drawings. When you setup your structure ensure you are
taking into account the WorkCover implications of your decision.
Have you got a procedure in place in case one of your staff is injured at work?
What will be the impact on your premium should something happen?
Bartley Partners have helped hundreds of businesses to ensure
they have an action plan in place and understand the various financial
If you are not fully confident about your Workcover structures
Contact Us today on (08) 8338 1033
to arrange a meeting to discuss this further.