October 2013 Newsletter 

In this edition:

Welcome

Why keep a Motor Vehicle Log Book?

Key changes to Workers Compensation 2013-2014

Multiple generations in one SMSF - a great idea or a disaster waiting to happen?

Warning: ATO-related scams

The NSW Government previously announced changes to the Workers Compensation insurance arrangements for small employers which were proposed to take effect from 30 June 2013. These changes have now come into effect, and will apply to businesses that are defined as small employers that commence or renew policies after that date.

Under the old rules, a small employer was defined to be an employer with workers compensation premiums of $10,000 or less per annum. Under the new arrangements a small employer will be defined as an employer with workers compensation premiums of $30,000 or less per annum.

Hence, from 30 June 2013, if you meet the new criteria to be classified as a small employer the following changes will apply to you:



• The discounts for premiums paid in full and on time have increased from 3% to 5%.
• The workers compensation renewal process will change – wage estimates won't need to be declared as policies will be renewed based on the previous year. If wages estimates have changed by more than 25% employers are encouraged to contact their insurer.
• All employers will be given a 10% discount on their premiums provided the employer has no workplace injury claims during the insurance period.
• Furthermore, to encourage small employers to ensure injured workers are returned to work as soon as possible the 10% discount will be retained if all injured workers return to their pre-injury duties within 13 weeks from the date of injury.
• The extent to which motor vehicle and accommodation allowances are to be excluded from wages are as follows: the motor vehicle allowance remains unchanged at $0.75 per kilometre; and the accommodation allowance has increased to $248.25 per night if the worker is absent from their usual residence.
• All policy expiry dates will move to the end of the month.

Contact your insurance broker or the team at Goodwin Chivas & Co if you have any queries.