Always check your ACC account 29 Nov 2016

YOUR ACC account could easily be wrong. Always check it.

Typical areas where the wrong premium can be charged include:

  • Selecting the wrong industry for your type of work.
  • Levying ACC payments in excess of the maximum threshold. Currently, you should not be paying ACC on earnings of more than about $120,000. Sometimes, people receive a PAYE salary and then a non-taxed salary on top of this. These are the type of people who can be overcharged.

Some activities are what is known as passive. However, the income from them sometimes sneaks into ACC files and is treated like earnings.

Rental income from a partnership is an example. If it is recorded in the tax return as partnership income, it can get through to ACC and be levied by mistake.

We read in a recent publication by another accounting practice that 30% of clients in a sample were paying too much ACC.

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