Thursday 11 January 2024
Schedule of Sums
The necessary updates to the indexed figures and rates have been made in Cúram and the section 58 calculator will be updated from 2 January 2024.
Schedule of Sums document (sisa.net.au)
Minimum Financial Guarantee
Per Schedule 3, clause 8 of the Regulations, self-ensured employers must ensure there is in force at all times a guarantee given by a financial institution to, or in favour of, the Corporation which guarantees the payment of an amount to the Corporation in the event that the employer becomes insolvent or ceases to be a self-insured employer.
Per clause 8(6), the minimum financial guarantee is designated by reference to the prescribed sum indexed by reference to the September quarter Consumer Price Index from the financial year preceding the date of effect of the updated minimum financial guarantee figure.
The minimum financial guarantee figure effective 1 January 2024 is $1,070,00.00.
New Financial Guarantees issued from 1 January 2024 onwards will need to meet the minimum level as outlined above.
Please note:
- Financial Guarantees are only required for private self-insurers. They are not relevant for Crown Agencies;
- For those self-insurers with a Financial Guarantee at the minimum level, the new higher minimum will only be relevant at your next financial guarantee due date, not immediately.