Understanding ACC Levies As Self Employed
When first starting out as self employed, contact ACC and tell them that you are now self employed, check that your contact details are correct i.e your address, phone number and email address. You can choose to receive your invoice via post or email. You will receive your ACC invoice following your income tax return being filed with IRD.
Cover For Sole Traders
ACC Cover Plus uses your income from your tax return to calculate your levy. The levy is based on actual net profit income (income after your expenses), your classification unit and if you work full time or part time hours. In the event of making an ACC claim you get paid 80% of your income paid to you as a weekly compensation.
Cover For Shareholder-Employees
ACC Cover Plus uses your non-PAYE shareholder salary from your tax return to calculate your levy. The levy is based on non-PAYE shareholder remuneration, your classification unit and if you work full time or part time hours. In the event of making an ACC claim you get paid 80% of your income paid to you as a weekly compensation.
ACC Cover Plus Extra, is an option of ACC cover that allows you to choose how much income you want to be covered for. Your compensation will be paid out on this amount. You will receive your ACC invoice based on this amount and your policy is renewed every year.
To find out more about ACC levies, cover options, invoicing, and ways to manage workplace injuries visit the ACC website.
About MyACC
MyACC keeps your personal and injury details up to date, see weekly payments, and compensation payments, request certain types of support, and get back to everyday life after an accident