To our Valued Clients,
We hope you are in good health and in the best of spirits.
We have become aware of certain circumstances that may impact your business and felt that it was crucial to keep you informed.
A friendly insurance broker advised us that jobkeeper payments MAY be taken as a contribution to your gross wages, impacting the calculation of your workers compensation insurance.
As you know, the Jobkeeper payment falls under reportable wages.
However, at this point in time, I have not found any information to support the above claim.
Information available are limited to say the least. Please find the enclosed pdf linked below:
22/04/2020 NSW State Insurance Regulatory Authority
How this can impact your business?
Should ICare consider the Jobkeeper payments whilst calculating your Workers’ Compensation Insurance, it may be determined that you are paying more in wages and therefore could lead to an increase in Premiums or Adjustments for your Workers’ Compensation Claims if you are paying more than the previous financial year.
We want to advise you that we are here to help you estimate your end of year gross wages, or to discuss any element of your current services in an effort to support you wherever possible.
Should you have any questions or require any support, do not hesitate to reach out.
Many thanks and best wishes,
Lukasz
Disclaimer:
ACT Bookkeeping Group Pty Ltd. has taken all reasonable care in the preparation of this material.
ACT Bookkeeping Group Pty Ltd. makes no warranties, representations, express or implied as to the accuracy, currency, reliability or completeness of the information contained. Users of this information should satisfy themselves that they have correctly interpreted and applied the information to their particular circumstances. Except as prohibited under any applicable legislation, ACT Bookkeeping Group Pty Ltd. does not accept any liability for loss or damage (including economic) whatsoever or howsoever incurred by any person whether direct, indirect, incidental, special or consequential, arising from the use of or reliance upon this material.
