WorkCover Reconciliations South Australia
If you are a South Australian business with workers paying wages exceeding the $12,809 threshold, you are required to be registered for and pay workers compensation premiums. Each year you are required to make an estimate of the remuneration you will be paying your employees and lodge with Return to WorkSA who will determine an applicable amount payable (either annually for small employers or monthly for large employers). This estimate needs to be lodged by 31 July. If you have engaged Tashly Consulting to assist with your annual estimate, we would appreciate if you could start giving some consideration what you believe your remuneration will be for the ensuing year.
In addition, a reconciliation return needs to be prepared and lodged which essentially compares what the actual remuneration for the year was compared to what was lodged as an estimate at the beginning of that year. If the actual remuneration was greater than what was estimted, you will usually end up with a shortfall which is payable, and conversly if you have overestimated and paid, you may be entitled to a refund.
Return to WorkSA have already started sending out their annual login details for their website by post. If you have received yours, and require our assistance, please scan and forward through to firstname.lastname@example.org so we can access your portal for preparation and lodgement purposes. At this stage, the Return to WorkSA website is stating we cannot commence lodgements until 9 July however, require us to have all lodgements complete by 31 July. Accordingly, we will need to work in conjunction with you to ensure we meet this tight timeframe.
Employers with interstate workers will need to comply with interstate workers compensation schemes separately.
Further information regarding South Australian workers compensation returns can be found via this Return to WorkSA website link
Tashly Consulting Xero Bookkeepers Adelaide are Registered BAS Agents #86318001 and we are dedicated to providing seamless, high-quality, transparent bookkeeping services – If you would like any further information please contact us via telephone (08) 8121 4424 or via email.
Tashly Consulting Xero Bookkeepers Adelaide – Not your average Bean Counter!
Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.