Finance: Latest ACC levies out now

By Jeremy Tauri


ACC is not a tax, but, given the filing of tax return is a trigger to the ACC levy, we find it forms part of an accounting discussion frequently.

As ACC continues to go through changes to levies and offer different products and discounts from which people stand to benefit, it's likely more will take note of what they are charged.

And so, if you have changed from CoverPlus to the CoverPlus Extra product in the same tax year, I suggest you check your invoices, check the earnings and the rates and make sure the assessments you have received are correct. Reportedly there are some invoicing errors, which ACC are looking to fix and reassess mid-February.

If you're planning ahead, new rates for ACC levies to be charged for the 2013/2014 year are now on the ACC website. The ACC has listed 143 levy risk groups for the 2013/2014 year and have included comparisons and changes in rates for these groups. Risk groups are classed as businesses involved in similar activities, which have similar claim histories, and 26 groups have been added since the 2011/2012 year.

Changes are being made each year to risk group categories to support experience rating, which was introduced in 2011.

Employers that have what is described as a better-than-average injury and return-to-work rate can receive a discount of up to 50 per cent on the current portion of their work levy.

Those who have worse-than-average history will pay a premium.

This is only for businesses who pay an ACC work levy of $10,000 or more.

Those who pay an annual work levy of less than $10,000 may qualify under the no-claims discount programme for a 10 per cent discount. There is a 10 per cent loading depending on your claims history.

There's more than just monetary reward to injury prevention, of course. Lowering the risk of potential injuries and looking after yourself and employees makes a for a safer working environment.

- Hamilton News

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