What is ACC Premium?
The Accident Compensation Corporation (ACC) gives full personal injury cover for all residents and visitors to New Zealand.
Do I need ACC Premium?
If you are an employer, you are responsible for maintaining a safe work place and providing ACC cover for work related injuries. As a sole trader, you will be given ACC cover as soon as you start trading. You will need to pay for this cover when you submit your first tax return.
What will my ACC Premium Cost?
ACC Premium costs are worked out on a classification unit rate which is based on the cost of work related injuries within your classification unit. Your classification unit rate will depend on which industry your business is in. You will also pay the Residual Claims Levy which covers injuries occurring before 1999 and follows a rate set for your industry. The Health and Safety in Employment Levy costs 5c for every $100 of liable earnings.