Insurance Premium Finance for WorkCover
Mark Accountants can help you manage your cash flow this WorkCover season with Insurance Premium Finance which can spread out the payment of your WorkCover expenses over the year.
Most current outgoings, such as salaries, rent, leases, phone and power are generally paid in manageable instalments. However, when it comes to business insurance and WorkCover premiums, many insurers expect you to pay their premium in one lump sum – which can be a significant strain on cash flow. Insurance Premium Finance (funded through Westpac) can assist you by allowing you to make equal instalments over a period of up to 12 months.
Insurance Premium Finance can help you take back control of your finances by:
- Reducing the working capital impact on your business by providing you with an option to repay over a 12 month period.
- Providing certainty of repayment amounts up front with a fixed rate product.
Plus: the Finance costs may be tax deductible
Key Dates
- 1 July 2024: Workcover renewal season commences. From this date onwards businesses can go online or call Workcover to declare their wages and pay their premium(s).
- 31 August 2024: Wage Declarations are due.
- 16 September 2024: Deadline to qualify for 3% discount on premiums paid in full to WorkCover.
- 30 September 2024: All WorkCover premiums due.