ACC is currently undertaking reviews of the business classifications in some industries in order to confirm that your business is using the correct classification. A business industry classification is a way of classifying a business by the main activity it is involved in. Each classification consists of a description (the ‘business industry description’) and an associated code (the ‘BIC code’). ACC uses business industry descriptions and their related BIC codes to determine which of ACC’s classification units will apply for levy invoicing.
Workers and employers will pay $387 million less in ACC levies in 2014/15 (subject to the regulation being passed). The cuts affect the Earners Account (paid by workers) and the Work Account (paid by employers).
At a time of government ‘fat trimming’ it’s nice to hear the word surplus. ACC has made a miraculous turnaround from several years ago, as a result of reduced management costs and drastic improvements in rehabilitation rates thus also resulting in 20% less people on long-term compensation.
Acc levy changesLast year a $3.5 billion dollar surplus was announced and now reductions in ACC levies have been signed into law, saving households