The date on which workers compensation premiums are due depends on when the insurance policy was taken out. An employer with an annual premium of more than $3000 (Category A employer) can choose to pay by instalments, but only if they take out cover for a period of one year. The three instalments are due at the end of the first, fourth and eighth months of the policy period.
An employer with an annual premium of $3000 or less (Category B employer) must pay the whole premium within one month of the date of the issue of the Premium Demand Notice.
If an employer is having difficulty paying their premium they should contact their insurer to discuss the payment options available.
Insurers can charge employers late payment fee at the rate of 1.2% per month compounded monthly on the balance outstanding at the end of each month.