South Australian Numbered Acts South Australian Numbered Acts(1) A premium in relation to a particular period (being a period determined by the Corporation) may be constituted by—
(a) an "initial premium" calculated on the basis of estimates and assumptions made at, or in relation to, the beginning of the period after applying any principles specified by the Corporation in the RTWSA premium provisions or in a RTWSA premium order;
(b) an "adjusted premium" at any time during the period based on applying any principles or requirements specified by the Corporation in the RTWSA premium provisions or in a RTWSA premium order;
(c) a "hindsight premium" calculated on the basis of actual amounts and information known or determined by the Corporation at the end of the period after applying any principles or requirements specified by the Corporation in the RTWSA premium provisions or in a RTWSA premium order.
(2) Subject to this section, an initial premium will be payable by a date specified by the Corporation for the purposes of this subsection.
(3) The Corporation may adjust a premium at any time during the relevant period and any amount that becomes due on account of that adjustment (the adjusted premium) will, subject to this section, be payable by a date specified by the Corporation for the purposes of this subsection.
(4) A hindsight premium will be payable after the end of the relevant period by a date specified by the Corporation for the purposes of this subsection (unless a hindsight premium does not need to be paid).
(5) If the Corporation so allows, an employer may elect to pay an initial premium or an adjusted premium by instalments, at such times and of such amounts as the Corporation may determine.
(6) Subject to this Act, if the initial premium, and an adjusted premium (if any), paid by an employer in relation to a particular period exceed the employer's liability to pay premium for that period, the Corporation may at the Corporation's discretion—
(a) refund the difference to the employer; or
(b) set off the difference against existing or future liabilities of the employer to make payments of premium under this Part.
(7) The Corporation may grant discounts or other incentives in order to encourage the payment of any premium in advance.
(8) The Corporation may, in prescribed circumstances, remit any premium payable by an employer under this section wholly or in part.
(9) This section applies subject to—
(a) any alternative arrangements agreed between the Corporation and an employer as part of an alternative set of principles applied under section 143(7); or
(b) any alternative requirements specified by the Corporation (by notice to a particular employer or by notice in the Gazette); or
(c) without limiting paragraph (a) or (b), any alternative arrangements agreed between the Corporation and the employer that allow the employer to pay any premium on aggregate remuneration paid during a preceding period and after taking into account any other matter or factor specified by the Corporation for the purposes of this paragraph.
(10) A notice under subsection (9)—
(a) may be varied by the Corporation from time to time by further notice; and
(b) will have effect according to its terms.