As a Working Subcontractor, you can make optional contributions to the fund to keep your Long Service Leave liability accruing with CoINVEST.
Self-employed subcontractors operating under a Sole Trader or Partnership ABN must register themselves with CoINVEST as a subcontractor. Once registered, a subcontractor can choose whether or not to make contributions for themselves to CoINVEST to build up their Long Service Leave.
If you choose not to make any contributions, no service will be accrued against your name. You will not be able to claim any Long Service Leave from CoINVEST if you have not accrued seven or more years of continuous service.
Subcontractors who employ workers or apprentices in a trade covered by CoINVEST are obliged to cover the LSL contributions for their employees and must register their business with us. See Working Subcontractor Responsibilities for more details. If you have formed a company, you have different obligations under the law - click here for details.
How Do I Make Contributions For Myself?
If you choose to make payments, you are required to contribute quarterly, $30 to $100 (or any increment of $10 in between) for each month you worked. If you elect to make contributions the payment is directly credited against your name – similar to a bank account. Interest is paid on accrued contributions with the rate set yearly in advance by CoINVEST, which provides a rate of return in line with prevailing market conditions. The interest rate for financial year 2018/2019 is 7.23%.
Invoices for these payments are issued quarterly. If you do not pay two consecutive invoices, then you are deemed to be non-contributing and invoices will no longer be issued. If you wish to recommence paying again, email us at email@example.com with your request and we can set you up to get invoices again. Note, you are unable to backdate any missed invoices and you must continue to perform covered work in the Construction Industry in Victoria as sole trader or in a partnership.How much do I contribute? Payment Method When is the interest calculated? If I don't make contributions, can I still claim? What if I leave the industry before accruing seven years’ service? What if I have formed a company? Can I backdate service as a Working Subcontractor?