How Do I Pay My Invoice?
Once you have received your invoice, there are several different ways of paying.
Our preferred method of payment is via BPAY.
Simply log on to your online banking service to pay your invoice via BPAY - the BPAY Biller Code & Reference will be included on your invoice.
Your BPAY reference is unique to each invoice you pay and changes each time. Please make sure you use the correct invoice ID for the specific invoice which you are trying to pay; using an old or incorrect reference or invoice ID could result in your payment not being processed.
Other methods of payment include Credit Card (Visa or MasterCard only), EFT, or cheque.
Employers can pay via Credit Card by logging in to our website and going to the Retrieve WDW List tab and selecting the Make Payment option.
Prepayment Options
Some employers prefer their outgoings to be monthly rather than quarterly. As such CoINVEST provides employers with the facility to pay off a portion of their quarterly invoice in advance with optional prepayments if they wish.
The prepayment amount can be entirely of your choosing. This is completely optional and there is no set amount, though most employers who do prepayments opt to estimate what around one third of their overall invoice will be for each prepayment e.g.
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Jan Prepayment
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Feb Prepayment
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Invoice Total (Jan-Mar)
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Balance Owing (Less Prepayments)
|
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$1,400.00
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$1,500.00
|
$4,575.25
|
$1,675.25
|
Once you receive your quarterly invoice, you can just pay off the balance owing (full contribution amount minus any prepayments).
To begin making prepayments, simply select the Receive Prepayments tick-box on the employer details page once you have logged in to CoINVEST's online service. We will then post you a prepayment voucher each applicable month. If you would like to receive prepayment vouchers online rather than via post, select the Internet Prepayments tick-box.
Please note prepayments are available for the first two months of each quarter, however we do not issue a prepayment voucher for the month of November – this is because we issue our Oct-Dec WDWs earlier than usual due to the industry shutdown over the Christmas holidays; this in turn leaves us no time to issue a November prepayment. If you wish to keep your outgoings monthly for the Oct-Dec quarter, you can use the BPAY reference for the month of October again.
Late Payments
Quarterly invoices are issued to employers relative to their WDW submissions with a payment period of 14 days from the date of invoicing. If payment is not made within the specified time-frame, or if a payment plan has not been set up with CoINVEST's Debt Management consultants, then the debt will be sent to be collected externally via Probe Collections who will act on our behalf.
If you require a payment plan to pay off your invoice, please contact our Debt Management team on 03 9664 7656 or 03 9664 7605.
All payment plans are subject to additional Statutory Interest charges in accordance with Section 5 of the Construction Industry Long Service Leave Act 1997.
Adjustment Invoices
If you have received an Adjustment Invoice for backdated service contributions, you can pay this using the BPAY details on the invoice, or by completing the credit card slip at the bottom of the invoice.
Adjustment Invoice charges cannot be paid through our online service.
If you wish to pay any adjustment charges over the phone via credit card, you will need to talk with our Debt Management team directly.
Backdated adjustment charges may contain statutory interest charges due to non-compliance with your employer obligations. These charges are payable to CoINVEST in accordance with CoINVEST Rules (Oct 2019) as Trustee of the Long Service Leave Act.
January