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CHARTERED
ACCOUNTANTS LIMITED
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NEWSLETTERS
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NEWSLETTER
MARCH 2002
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In
this issue:
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ACC
- FINALLY SOME COMMON SENSE!
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| After pressure from lobby groups a number of changes have been made to the ACC rules. These changes will come into effect on April 1, 2002. The significant ones are detailed below. From 1 April 2002, ACC will be the sole debt collector, taking over the role from Inland Revenue. Employers and self-employed, with a few exceptions, will receive one invoice from ACC for all premiums and levies. Only one annual payment will be needed. Employers – Employers will not need to file the IR68A. This information will be collected from IRD via monthly PAYE schedules. Self-employed - The residual levy for self-employed will not be calculated as part of preparing the annual tax return. Inland Revenue will forward the relevant information to ACC who will collect the levy. Shareholder-employee remuneration - as for self-employed the relevant details will be forwarded to ACC by IRD. The calculation will no longer be part of your annual tax return. Businesses actively managing their ACC risk have access to ACC Workplace Safety Management Practices or the ACC Partnership Programme. Both schemes provide discounts when compared with the standard rates. At the other end of the scale, new provisions will allow ACC to impose a financial penalty on businesses. Workplace safety assessments will compare the workplaces of similar businesses to establish safety norms. ACC CoverPlus Extra has allowed those who are self-employed to purchase a nominated level of cover. Under this scheme the injured person receives 100% of the nominated weekly compensation until they are able to resume full time work. CoverPlus Extra has been extended to shareholder employees. Increased flexibility allows for the nominated cover to reduce if the injured person returns to work progressively. Information on the ACC CoverPlus Extra product can be found at: http://www.acc.co.nz/productspremiums/cover-and-products/workplace/coverplus-extra/ A Code of Claimants’ Rights will be developed to regulate the relationship between ACC and claimants |
Member of the Institute of Chartered Accountants of New Zealand |
