How to payYou have a number of options for paying your premium:
- Credit card
Pay your premium now
- Direct debit
Call us on 13 44 22 to set up a direct debit to pay your renewal premium instalments or to modify or cancel an existing direct debit arrangement. Download our direct debit service agreement (PDF 0.7MB) for terms and conditions.
Refer to your premium notice and tax invoice for BPay Biller code and Reference details.
Fees and surcharges
|Direct debit from bank account||$0.00|
|Direct debit from debit card or credit card
||Debit or credit card surcharge|
|By debit card or credit card via the icare website or over the phone||Debit or credit card surcharge|
Applicable debit and credit card surcharge rates are as follows:
|Debit card: Mastercard
|Debit card: VISA||0.16%
|Credit card: Mastercard
|Credit card: VISA
Paying in instalmentsYou are eligible to pay your renewal premium in instalments if your average performance premium is greater than $1,000. You can pay the instalments using the payment options above.
If your average performance premium is between $1,000 and $5,000, you have the option to pay your renewal premium in quarterly instalments.
If your average performance premium is more than $5,000, you can choose to pay your renewal premium in monthly or quarterly instalments.
Note: Your 'average performance premium' is your base premium, calculated by multiplying your industry classification rate by how much your business pays in wages.
Discounts for premiums paid in full
You are entitled to a discount on your renewal premium if you pay your annual premium in full on or before the due date.
In general, the discount is based on your initial renewal premium regardless of an employer's entitlement to instalments. It is available only to policies that are for a 12-month duration and the minimum premium payable is $175, including any discount.
The discount rate is subject to change.
For small employers, the current discount is 5 per cent.
For experience-rated employers the current discount is 3 per cent.
End of period premium adjustmentsIf your end of period adjustment is more than $1,000, you can pay it in three equal monthly instalments.
You will receive a schedule of instalments with your adjustment premium calculation notice.
If you miss an instalment or are having difficulty paying your premium, you should immediately contact icare on 13 44 22 to discuss what payment options are available.
Note: Your end of period premium adjustments cannot be paid using direct debit. This applies even if you have used direct debit to pay your renewal premium instalments.
Late payment fees may be charged on overdue premiums. These are compounded monthly on the outstanding balance at the end of each month.
The rate is prescribed by the State Insurance Regulatory Authority in the Workers Compensation Market Practice and Premium Guidelines (PDF, 2.6 MB).
If we need to contact you about an overdue premium one of our service providers listed below may reach out to you on our behalf.
Premium Collection Service Providers:
- Revenue NSW - the state's revenue management agency (icare's primary collections provider from 1 September 2020)
- Woods & Day Pty Ltd
- Craddock Murray Neumann