All employers in NSW (except exempt employers) are required to pay workers compensation premiums.
The NSW Workers Compensation Scheme is funded by the premiums paid by employers and provides medical and financial support to injured workers, while limiting the financial exposure of employers.
Key changes to workers compensation premium rates have taken effect for policies commencing or being renewed after 4pm on 30 Jun 2013.
For 2013/ 2014 year discounts of 5% may be available for small employers who:
a. Pay their annual Workers Compensation premium in full
b. Pay their premium on or before the due date
c. Have not elected to pay the annual premium by instalments
d. Have annual premiums payable that are over $175.
The discount is only available for policies that have a duration period of 12 months.
Please note that if you as an employer are not provided with a Wages Declaration and as a result the policy has been automatically renewed, you will not be entitled to a discount for payment in full advance.