WORKERS REHABILITATION AND COMPENSATION ACT 1986 - SECT 72
This legislation has been repealed.
WORKERS REHABILITATION AND COMPENSATION ACT 1986 - SECT 72
(1) A premium in
relation to a particular period (being a period determined by the Corporation)
may be constituted by—
(a) an
"initial premium" calculated on the basis of estimates and assumptions made
at, or in relation to, the beginning of the period after applying any
principles specified by the Corporation in the WorkCover premium provisions or
in a WorkCover premium order;
(b) an
"adjusted premium" at any time during the period based on applying any
principles or requirements specified by the Corporation in the
WorkCover premium provisions or in a WorkCover premium order;
(c) a
"hindsight premium" calculated on the basis of actual amounts and information
known or determined by the Corporation at the end of the period after applying
any principles or requirements specified by the Corporation in the
WorkCover premium provisions or in a WorkCover premium order.
(2) Subject to this
section, an initial premium will be payable by a date specified by the
Corporation for the purposes of this subsection.
(3) The Corporation
may adjust a premium at any time during the relevant period and any amount
that becomes due on account of that adjustment (the adjusted premium) will,
subject to this section, be payable by a date specified by the Corporation for
the purposes of this subsection.
(4) A
hindsight premium will be payable after the end of the relevant period by a
date specified by the Corporation for the purposes of this subsection (unless
a hindsight premium does not need to be paid).
(5) If the Corporation
so allows, an employer may elect to pay an initial premium or an
adjusted premium by instalments, at such times and of such amounts as the
Corporation may determine.
(6) Subject to this
Act, if the initial premium, and an adjusted premium (if any), paid by an
employer in relation to a particular period exceed the employer's liability to
pay premium for that period, the Corporation may at the Corporation's
discretion (but subject to the regulations)—
(a)
refund the difference to the employer; or
(b) set
off the difference against existing or future liabilities of the employer to
make payments of premium under this Part.
(7) The Corporation
may grant discounts or other incentives in order to encourage the payment of
any premium in advance.
(8) The Corporation
may, in prescribed circumstances, remit any premium payable by an employer
under this section wholly or in part.
(9) This
section applies subject to—
(a) any
alternative arrangements agreed between the Corporation and an employer as
part of an alternative set of principles applied under section 71(6)(d)
; or
(b) any
alternative requirements specified by the Corporation (by notice to a
particular employer or by notice in the Gazette); or
(c)
without limiting paragraph (a)
or (b)
, any alternative arrangements agreed between the Corporation and the employer
that allow the employer to pay any premium on aggregate remuneration paid
during a preceding period and after taking into account any other matter or
factor specified by the Corporation for the purposes of this paragraph.
(10) A notice under subsection (9)
—
(a) may
be varied by the Corporation from time to time by further notice; and
(b) will
have effect according to its terms.