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The Accident Compensation Corporation (ACC) has announced a series of new levy rate changes, which it claims will save Kiwi businesses $100 million over the next two years.
New Zealand businesses will get an average 6.9% reduction to their ACC levy starting April 01. Some industries will see a bigger reduction in their levy, such as the community rugby league which will be getting a 22% reduction. ACC noted this is based on their improved claims history over the past two years. Additionally, other industries that have had a worsening claims history in recent years will see an increase to their levies – like nut, bolt, screw, and rivet manufacturing, which will see a 24% increase to its levy.
ACC also said it would be changing the way it levies self-employed customers. In the future, the income from a self-employed customer’s tax return will be used to calculate their levy for the same year. Meanwhile, the earner’s levy rate will remain at the current level of $1.21 per $100 of New Zealander’s earnings for the next two years.
Motor vehicle levy changes will come into effect from July 01, the ACC added.
Read more: ACC petrol levy plan takes another hit
The commission urged organisations to use the ACC levy estimator to see what these changes would mean to their businesses.
