ACC levy cuts come into effect

On 1 April the first of a series of ACC levy cuts will kick in, returning an estimated $480 million to the New Zealand economy – and kiwis’ wallets.

From 1 April 2015 the Work account levy paid by businesses will decrease by an average of 5% This levy covers workplace injuries.

From 1 July 2015 the Motor Vehicle levy paid when people register or renew their rego will go down by an average of 41%. The specific amount will be determined by a new risk rating applied to different types of vehicles.

The petrol levy kiwis pay at the pump will also go down by 3 cents per litre on 1 July – from 9.90 cents to 6.90 cents per litre.

These levy reductions are the result of the Corporation’s strong financial management and sound investments. This has also enabled the Scheme to be fully funded, which means that we’ve collected – and saved – enough in levies to fund the lifetime cost of every current ACC claim.

This is the second year in a row that ACC has been able to reduce its levies.

For more information on the levy reductions visit www.acc.co.nz/levies

ENDS

© Scoop Media