39AContributions to Fund by Comcare employers

39A Contributions to Fund by Comcare employers

39A Contributions to Fund by Comcare employers

(1) Each Comcare employer must pay the contributions prescribed by this section to the Authority for payment into the Workers Compensation Operational Fund.

(2) The contribution to be paid by a Comcare employer, in respect of each financial year (being a financial year during the whole or part of which the person was a Comcare employer), is an amount equal to the percentage (determined by the Authority in accordance with this section) of the deemed premium income of the Comcare employer during the relevant period when the person was a Comcare employer.

(3) The percentage determined by the Authority pursuant to subsection (2)—

(a) subject to paragraph (b), is to be such as, in the opinion of the Authority, will be sufficient to yield the total amount to be contributed to the Fund by Comcare employers in respect of the relevant financial year as determined pursuant to section 38, and

(b) is to be 60%, or such other percentage (not exceeding 70%) as determined by the Authority by order, of the percentage determined in accordance with section 39, and

(c) is to be rounded to 2 decimal places, and

(d) is to be the same percentage for all Comcare employers.

Example.

If the percentage determined in accordance with section 39 is 4%, unless an order under subsection (3) (b) has been made, the percentage under subsection (2) will be (60% × 4% =) 2.40%.

If the percentage determined in accordance with section 39 is still 4%, but an order under subsection (3) (b) has been made increasing that percentage to 62.1%, then the percentage under subsection (2) will be (62.1% × 4% = 2.484%, then rounded to the nearest two decimal places) 2.48%.

(4) A contribution by a Comcare employer is payable in such instalments and at such times as may be determined by the Authority and notified to the Comcare employer.

(5) The Authority may, at any time during or after a financial year, re-determine the percentage determined pursuant to subsection (2) in respect of the financial year if the estimated total amount of premium income and deemed premium income for the financial year is less than the previously estimated amount on which the original determination of the percentage was based.