Aligning Your WorkCover Policy to 30 June – A Simple Tweak for Smoother EOFY Reporting

Did you know you can request your WorkCover policy to align with the end of the financial year?

If your current WorkCover insurance policy expires on a date other than 30 June, it may be worth considering a small adjustment to make things easier come reporting time. Aligning your policy with the financial year can simplify your accounting and reduce administrative hassle when reconciling payroll figures and finalising your year-end reports.

How to Do It:
When you receive your next WorkCover renewal pack, simply contact your insurer and request that the policy be “short-termed” to end on 30 June 20XX. This means they’ll issue a policy that runs for less than 12 months to bring it in line with the financial year. From then on, your renewals will follow the 1 July – 30 June cycle.

Why It Helps:

• Easier alignment with your financial reporting
• Simplifies reconciliation and annual declarations
• Reduces timing discrepancies between payroll and premium calculations

If you’d like help discussing this with your insurer or determining if it’s right for your business, feel free to get in touch with our team.