Table of Contents
Is ACC cover plus extra tax deductible?
When an employer company pays a shareholder-employee’s ACC CoverPlus Extra levy (or reimburses them for payment), the amount paid/reimbursed (excluding earners’ levy) is now tax deductible as an expense to the employer company. This tailors the cover more appropriately to shareholder employees.
How much do ACC levies cost?
Earners’ levy charged at a flat rate each year
| Year | Levy rate |
|---|---|
| 1 April 2019 to 31 March 2020 | $1.39 per $100 (1.39%) |
| 1 April 2018 to 31 March 2019 | $1.39 per $100 (1.39%) |
| 1 April 2017 to 31 March 2018 | $1.39 per $100 (1.39%) |
| 1 April 2016 to 31 March 2017 | $1.39 per $100 (1.39%) |
Are ACC levies deductible?
ACC levies are compulsory to cover you and your staff for personal injuries. There are concessions though if you are only part time in your business. These levies are all tax deductible except the earner premium payable by shareholders in a company.
How long do you have to pay your ACC levies?
You can pay your levy in full as a direct debit on your due date, or in monthly instalments of three, six or 10 months (10 months plan will incur a 2.73% admin fee). To set this up, fill in the editable ACC1768 – Payment plan via direct debit form or use MyACC for Business.
What does ACC cover plus cover?
CoverPlus Extra (CPX) is an optional cover product that allows you to choose how much of your income you want to be covered if you have an accident and can’t work. We’ll pay compensation based on your cover amount and option.
Do contractors have to pay ACC levies?
ACC levies fund injury claims from all New Zealanders. You’ll also deduct the ACC Earners’ levy from employees’ wages. If you’re a contractor or self-employed, you’ll pay ACC every year, too. This covers you for work and non-work-related injuries.
Do employers pay ACC levies?
If you are an employee, an employer or self-employed, you have to pay levies to ACC. ACC levies cover the cost of providing support to people who are injured in accidents.
Do contractors pay ACC levies?
Can you claim ACC if you don’t work?
We’ll pay up to 80% of your income as weekly compensation if you can’t work or perform all your usual work activities because of an injury we’re covering. This means you’ll still get paid while you recover.
What are the levies for ACC in New Zealand?
ACC workplace cover – the Work levy. non-work injury cover – the Earners’ levy. Working Safer levy – this is collected on behalf of MBIE to support WorkSafe NZ’s activities. Levies for self-employed. (external link) — ACC.
What’s the maximum amount you can pay for ACC CoverPlus?
The amount you have entered is less than the minimum cover of $29,453 that levies are payable on. This minimum will be used in your calculations. The amount you have entered is more than the maximum cover of $104,729 that levies are payable on. This maximum will be used in your calculations. WSD/WSMP discounts are subject to eligibility.
What’s the maximum amount ACC can pay for levies?
The amount you have entered is more than the maximum cover of $104,729 that levies are payable on. This maximum will be used in your calculations. WSD/WSMP discounts are subject to eligibility. To learn more go to https://www.acc.co.nz/for-business/how-your-claims-history-affects-your-levies/ or see Contact ACC
How can I find out my ACC CoverPlus code?
To learn more go to https://www.acc.co.nz/for-business/how-your-claims-history-affects-your-levies/ or see Contact ACC If you know your Business Industry Classification (BIC) code or your Classification Unit (CU) code, please enter it below. Alternatively use the search tool.