New ACC Levies Settlement

December 17, 2008 New Zealand FinanceNew Zealand Taxation  No comments

The ACC levies for the 2009/2010 year, beginning April 01, have been set by the government.

As promised by John Key, the increases to ACC levies made by the new government did not meet the Department of Labour (DOL) recommendations. According to a Beehive press release the earners account levy is set to increase from its current level of 14 cents per dollar to 17 cents per dollar, including GST. The average composite employer and self-employed levy will increase from 12.6 cents per dollar to 13.1 cents. This amount excludes GST and will vary depending on the industry concerned.

According to the same release ACC Minister Nick Smith said that a worker on today’s average salary of $47,000 would pay $658 per year in levies, under the DOL recommendation this would rise to $940, but under the new scheme it will be $799 per year.

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