CoInvest
Overview of CoInvest
CoInvest is the portable long service leave scheme for the construction industry in Victoria, Australia. As an employer in this industry, you are required to register with CoInvest and make contributions on behalf of your eligible employees to ensure they receive long service leave entitlements.
Employer Obligations
Registration
All employers in the construction industry must register with CoInvest. This includes subcontractors and sole traders who employ workers.
Eligible Employees
Employees eligible for CoInvest include those working in the construction industry on a full-time, part-time, or casual basis. This covers a wide range of roles from laborers to project managers.
Contributions
Contribution Rate
You must contribute a percentage of each employee's ordinary pay to CoInvest. The current contribution rate is 2.7% of ordinary pay.
Payment Schedule
Contributions must be made quarterly, with payments due by the following dates:
- 1st Quarter (July – September): Due by 14th October
- 2nd Quarter (October – December): Due by 14th January
- 3rd Quarter (January – March): Due by 14th April
- 4th Quarter (April – June): Due by 14th July
Quarterly Returns
You must submit a quarterly return to CoInvest detailing:
- The names of all eligible employees
- Their ordinary pay
- The contribution amount for each employee
Maintain accurate records of:
- Employee details and employment periods
- Ordinary pay calculations
- Contribution payments made to CoInvest
Late Payments
If contributions are not paid by the due dates, penalties may apply. This includes interest on late payments and possible additional fines.
Audits
CoInvest may audit your business to ensure compliance. Keep all records up-to-date and readily available for inspection.
Employee Entitlements
Long Service Leave
Under CoInvest, employees accrue long service leave based on their time worked in the construction industry, regardless of changes in employers. This ensures they can take long service leave even if they have worked for multiple employers within the industry.
Access to Entitlements
Employees can generally access their long service leave entitlements after seven years of service in the industry. They can take their leave or, in some cases, opt for a payout of their accrued leave.
Benefits of CoInvest
Portability
The primary benefit of CoInvest is the portability of long service leave entitlements. Employees retain their leave accruals even when changing employers within the construction industry.
Simplification for Employers
CoInvest simplifies the process for employers by managing long service leave accruals and payments, ensuring compliance with industry regulations.
How to Register and Contribute
- Register Your Business: Visit the CoInvest website and complete the employer registration form.
- Add Employees: Log in to your CoInvest account and add eligible employees.
- Submit Quarterly Returns: Provide details of ordinary pay and calculate contributions.
- Make Payments: Pay contributions by the due dates using CoInvest's payment methods.
For more detailed information, visit the CoInvest website or contact their support team. Ensure you stay updated with any changes to contribution rates or regulatory requirements.
This factsheet provides essential information for employers in the construction industry to understand their obligations and ensure compliance with CoInvest requirements in Victoria, Australia.
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