ACC is a large bill for any business (particularly for tradesmen and those in high risk industries) that none of us like getting.
When you get the next invoice, check the details are correct because if the levy rate or income details are wrong you may be paying too much for not enough cover.
Generally you are entitled to 80% of your weekly wage. If you are self-employed this amount varies, so the ACC calculation will be based on the income you declared in your previous years’ tax return. If this was a low-earning year the amount you get paid may be a lot less than you currently earn.
To take the hassle out of negotiating your payout with them, ACC have a cover option called ACC CoverPlus Extra, which sounds the same as the normal ACC CoverPlus but is actually very different. ACC CoverPlus Extra allows you to agree in advance the amount of cover so the levy you pay will be based on this agreed value and you will be paid 100% of this without any further need to prove your lost earnings. This is a good idea if your earnings fluctuate from year to year or if you have employees that wouldn’t earn if you can’t work.
Call me on 04 910 3340 if you need help with your ACC.