ACC tagged posts

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 ne...

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Revised ACC Levies to Be Released

December 15, 2008 New Zealand FinanceNew Zealand Taxation  No comments

New Zealand Government officials said that the new ACC levies will be released on the 15th of December.

While originally, New Zealand Prime Minister John Key stated that the new levies will be released on the 14th, this was later retracted and the new date set.

Prime Minister John Key was quoted as saying that although the New Zealand Government found itself in a difficult position in regards to the ACC levy decision, they tried all that was feasible in an attempt to ease pressure on tax payers. Specifically, the government thought that next year could be a difficult one for tax payers, economically.

Beside the Department of Labour recommendation of increasing levies 0...

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ACC Levies Confirmed to Rise

December 5, 2008 New Zealand FinanceNew Zealand Taxation  No comments

Finance Minister Bill English stated on the 5th of December that ACC levies will rise on the 1st of April 2009.

To cover shortfall in the Accident Compensation Corporation (ACC) accounts, which according to the new Government are a product of the previous government’s manipulations. Finance Minister Bill English is said to have until Christmas to decide the exact nature and amount of the increase in ACC levies that would be imposed on workers.

The current problem arises from the “non-earners account” in the ACC system. This account is used to cover accident claims by students, children, beneficiaries and elderly...

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