icare NSW
In NSW icare is your Nominal Insurer
Workers Compensation Insurance in NSW is provided by the NSW Nominal Insurer icare NSW. It is a mandatory requirement for all businesses employing deemed workers in NSW and pay more than $7,500 per annum in actual wages. icare NSW runs several different insurance schemes on behalf of the NSW state government.
What is an Annual Wage Declaration?
Your legal responsibility as a Policy Holder.
When you have an icare Workers Compensation Insurance policy, it's important to declare your wage and renumeration details at the end of each policy period. This step is crucial because it helps icare calculate a premium that's both fair and accurate for your business, making sure you're paying the right amount based on your actual wages.
It's a record keeping requirement that all Policy Holders are responsible of providing. Employers Comp takes this headache away so you can focus on your business.
What happens if I don’t declare my Wages?
You're in breach of your legal obligations!
As a policy holder it is your responsibility to declare your wages accurately, annually and on time. If you have overestimated your wages you will get a premium refund. If you have underestimated your wages you will have to make a top up payment. If you don't declare your wages, icare will automatically increase your renewal premium by 30% per annum until you do. failing to declare your Actual Wages puts your business at risk of government audits, fines and penalties.
Employers Comp has declared wages for thousands of businesses, reach out if you need help.
Do I have to include Payments to my contractors?
Yes and No
You may have to include some of the payments you make to your Contractor as declarable wages, if they are considered a worker for workers compensation purposes according to the yearly icare Wage Manual. This can be hard to understand, so we suggest seeking help from an expert like Employers Comp
Phoenix Hotel
"I really appreciate the support from Employers Comp, which is really helpful and valuable for a business like ours."
Do I have to include Dividends?
Yes and No
Dividends that you pay to a working director instead of wages should be included as declarable renumeration. Dividends that you pay to a non-working director do not count as declarable wages. If a working director receives both wages and dividends, then you need to examine this further.
The team at Employers Comp can assist you with declaring your Actual Wages, contact us for some help.
Do I include all my employees?
Yes and No
You have to report the gross wages that you paid to your workers who are employed by you in the state where your policy applies. For example, if you have employees in NSW and Queensland, then you would report wages for the NSW workers in your icare Annual Wages report. The employees in Queensland would report wages in your WorkCover Queensland wage report. You will need to have a policy in each state to protect workers of that state.
It can be confusing, Employers Comp can help, save you time, save you money and give you peace of mind.
GJN Industries
"The team at Employers Comp have fantastic customer service, nothing is ever too hard."
Adams Mowing
"Employers Comp saved me time and money, it is a must for any business."
What We Do
Employers Comp has assisted thousands of businesses in managing their Workers Compensation Insurance compliance. We assist our clients by providing the following four core services.
Cover Set Up
Actual Wages
Advice
Renewals
How we Help
Employers Comp has assisted thousands of businesses in managing their Workers Compensation Insurance compliance. We assist our clients by providing the following nine core services.
Cover Set Up
We review your specific needs to provide you with tailored, compliant Workers Compensation protection.
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Premium Payments
We help you manage your WIC Codes and payments to ensure you can afford your cover and avoid penalties and fines.
Actual Wage Declarations
We link with your Payroll and Accounting Software to ensure you declare your Actual Wages correctly and compliantly on time.
Contractors Compliance
Not all contractors are your deemed workers. But some are and they need to be included in your policy. We take the headache away.
Renewals
Unlimited support to manage your Renewal. This includes our Representation Guarantee, supporting you through the renewal audit process.
Registrations
Registering a new company, policy or claim we provide you with ongoing advice to save you time and provide you with peace of mind.
Documents
Have access to your documents 24/7. No matter where you are you have access to your policy documents on the go.
Wage Audits
Thousands of employers every year are audited by their Workers Compensation regulator. We represent you in the process.
Advice
Our team of experts provides you with the Unlimited Advice and guidance to help you navigate the complex world of Workers Compensation.
Compliance made easy for your business.
No matter your industry, we've got the perfect plan to suit your needs.
Handz Constructions
"I am very happy with the team at Employers Comp, they are extremely prompt and supportive"
