Certificate of Currency
A Certificate of Currency provides confirmation that the policyholder holds a current NSW Workers Compensation policy. When you insure or renew your Workers Compensation policy with GIO, we will automatically issue you with a Certificate of Currency that is valid for up to 12 months from the date of issue (or until the policy expiry date if you have a short-termed policy)
You can request a Certificate of Currency online.
In accordance with the NSW Workers Compensation guidelines, a Certificate of Currency cannot be issued if your premium is overdue or if you have not declared your Actual Wages for over 12 months.
If you have any questions about obtaining a Certificate of Currency, please call us on 13 10 10.
Insurance Premium Payments
Each year, GIO will send you an invoice which will include your payment options for your workers compensation policy:
- Basic Premium between $1000 and $5000 - Quarterly instalments option
- Basic Premium greater than $5000 - Quarterly or monthly instalment option
Small employers can receive a 5% discount on premiums greater than the minimum of $175.00 if they pay their premium in full by the due date.
Medium/Large employers can receive a 3% discount on premiums greater than the minimum of $175.00 if they pay their premium in full by the due date.
We provide the following payment options for your workers compensation policy:
- BPAY - Your Biller Code and Reference Number can be located on your premium notice. You can organise BPAY through your participating financial institution.
- Credit Card - You can pay with either VISA or MasterCard by calling us on 1300 735 282. A transaction fee of 0.3% will apply.
- Mail - You can mail your cheque payment to us at: GIO – Agent for the NSW WorkCover Scheme, GPO BOX 3915, Sydney NSW 2001
- Branches - You can pay your premium at any GIO or Suncorp Branch.
Calculating your Insurance Premium
In NSW, workers compensation insurance premiums are based on a number of factors - industry in which the employer operates, annual wages paid to employees & claims and wages costs over 3 years.
- Small employers; Your renewal premium will be advised when the renewal papers are sent out one month prior to the renewal date. Please complete the Declaration of Actual Wages Form so that we can determine adjustments to your last year’s premium. Small employers do not need to complete an estimated wages declaration.
- Medium/Large employers; Please complete the Declaration of Estimated Wages Form and Declaration of Actual Wages Form so that we can determine the premium payable.
- For detail on calculation formulas, please refer to the NSW WorkCover website and view the Insurance Premiums Order for the applicable policy term.
- Please refer to our Declaration of Wages Form Guide or the Premium Form Definitions for more details.
Agents of icare (like GIO) are required to conduct regular inspections of policy holders' wage records. Wage audits ensure that employers have provided us with correct information so we can calculate premiums accurately.
If you are selected for a wage audit, an independent auditing firm will be appointed to inspect your wage records and classifications for a maximum of 5 previous years. Please visit the icare workers insurance website for more details.
Renewing an Insurance Policy
A renewal pack will be sent to you 28 days prior to your policy expiry date.
Small Employers: Renewal pack includes a Declaration of Actual Wages Form which must be completed and returned to us within four months of the commencement of the new policy period.
Medium/Large Employers: Renewal pack includes a Declaration of Estimated Wages Form and Declaration of Actual Wages Form. These two forms must be completed and returned to us within two months of the commencement of the new policy period.
- Fax: 1300 666 346
- Mail: GIO Workers Compensation, GPO Box 3915, Sydney NSW 2001
NSW Workers Compensation Changes
Frequently asked questions
A Certificate of Currency is a document that is used to prove that you have insurance cover.
At each renewal of their workers compensation policy, small employers in NSW are required to declare to their workers compensation insurer the actual wages paid for the expiring policy period. This form must be completed and returned to GIO within 4 months after the policy expiry date. A declaration of estimated wages in not required for small employers. Their renewal premium is based on actual wages from previous years.