At CIC Financial, we help you to understand your options with your ACC Levies, and make sure these are structured in the most efficient and effective way.
Are you self-employed or do you own your own business?
Do you have trouble understanding what ACC levies are for? Often, we find that there is a lack of understanding as to what ACC actually provides.
For most self-employed people, the first ACC bill they receive comes as a shock. For those that have been around longer, it’s just accepted and paid like a tax.
There are two main outcomes we can achieve through reviewing your ACC and optimising your plan:
1. Save money on your levies and/or
2. Strengthening your cover, to make it easier for you to claim and get what you’ve paid for.
The good news is that you do have options with your ACC levies through ACC Coverplus Extra. We can explain the benefits and risks of converting to ACC Coverplus Extra and whether it’s suitable for you. We work with many Accountants to provide this service to their clients.
ACC is great, we are lucky to have it in New Zealand. However, it does have its limits. It covers accidents only. Not degenerative conditions. Not Illness. This means no covers for cancer, strokes, heart attacks or mental illness.
Income replacement cover is on the key foundations of long-term wealth. Fortunately, by reviewing your ACC and Income Replacement at the same time, you can make sure this works in the most efficient way. Possibly reallocating funds from ACC into your Income Replacement.
We follow a comprehensive process to determine if this is right for you, and we will take you through the advantages and disadvantages of doing so.
We also look at all of the options around income replacement and help you to understand what you are getting. It can all be rather confusing so it breaks it all down in a clear, visual way for you.
Bill and Margaret own a roofing business. Bill manages the team and does some roofing work. Margaret manages the business. Bill earns $124,000 and Margaret $64,000. Through adjusting their ACC we can give them the following options:
Margaret is being charged ACC levies based on the business classification of a roofing business. By changing to an administration role, Margaret could save approximately $1,600 per year on ACC levies.
Bill and Margaret could adjust their current level of ACC cover for accidents, potentially saving $6,300 per year that could be used for more comprehensive private income and life insurance.
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Key Person Cover is there to protect against the loss of knowledge, skills and experience if those key people are not able to work tomorrow.VIEW service
If you or another key player weren’t there, what would the impact on your business be?
Who would own and run the business?