New South Wales Consolidated Regulations New South Wales Consolidated RegulationsIf a premium calculated in accordance with this Order is more than the maximum premium payable by an employer in respect of the period of insurance for which the premium is calculated, the amount of the premium is to be reduced to that maximum premium.
The maximum premium payable by an employer in respect of the period of insurance for which the premium is to be calculated under this Order ( "the current period of insurance") is to be calculated as follows:
"M" is the maximum premium payable by the employer in respect of the current period of insurance.
"Wc" is the total wages payable to workers by the employer for the current period of insurance.
"Pp" is the premium that was payable by the employer in respect of the period of insurance immediately preceding the current period of insurance, calculated on the basis of the actual value of wages for that period (as referred to in clause 2 (1) (b) of Schedule 1 to this Order).
"Wp" is the total wages payable to workers by the employer for the period of insurance immediately preceding the current period of insurance, being the actual value of wages for that period (as referred to in clause 2 (1) (b) of Schedule 1 to this Order).
Clause 1 applies in respect of an employer only if:
(a) any information required by the provisions of Part 7 of the Act or the Workers Compensation (Insurance Premiums) Regulation 1987 to be recorded or furnished by the employer, which is used for the purpose of ascertaining the maximum premium, is recorded or furnished by the employer in compliance with those provisions, and
(b) the tariff classification rate number or numbers (specified in Column 2 of Table A) that are assigned to the employer in the period of insurance for which the maximum premium is to be calculated are the same as in the immediately preceding period of insurance.
