Every year you pay levies to ACC to cover injuries suffered in and out of work — and vehicle regos help cover injuries suffered in road accidents. Like any bill, you can reduce payment pain by planning ahead.
The key thing is to put aside money throughout the year to spread the costs. Any interest earned in a savings account can help cover the levies, Our website has useful information on ACC levies and a visual guide to making tax time easier.
How much you pay in levies depends on:
You’ll find your industry code on the Business Industry Classification Code website. (external link)
To give you an idea of how much your levies will be — and how much you need to put aside — use the calculators on the ACC website (external link) . ACC calculates your levy based on liable earnings information you provide Inland Revenue. So the true levy may differ from the ACC calculator estimate.
ACC can charge penalties on unpaid and overdue levies, so make sure you pay on time. Set up free email and text alerts from the ACC Online Services website (external link) so you don’t forget when payments are due. If you’d prefer to pay in instalments rather than a lump sum, call ACC on 0800 222 776 to arrange this.
ACC rewards self-employed business people and small businesses for putting in place health and safety systems. If your business has fewer than 10 employees or a yearly payroll of $578,000 or less, you may be eligible for a 10% reduction in your work levy.
Businesses that own five or more goods vehicles — with maximum operating weights of more than 3,500kg —and can demonstrate good safety management, may be eligible for up to 40 per cent off their vehicle levies.
Check your vehicle classification (external link) on the NZTA website.