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ACC Recent Release
ACC Invoice Message 26/8/2020
ACC pre-invoicing message
Has your payroll reduced? Now’s the time to tell ACC.
The world has changed in many ways this year, and ACC is committed to supporting New Zealand businesses through these challenging times.
ACC wants to ensure that your 2020/21 provisional levy reflects the impact COVID-19 may have had on your payroll. You are due to be sent your levy invoice from October.
Your 2020/21 provisional levy is based on an estimate of your liable payroll for the year ending 31 March 2021. To arrive at this estimate, ACC uses the 2019/20 liable payroll information that your business supplied to Inland Revenue.
Between now and the end of September, ACC is encouraging employers to update their estimated liable payroll for 2020/21. This is something you should consider, if you know that COVID-19 has had an impact on your payroll or, is about to. This will help ACC ensure your invoice is as accurate as possible.
If for any reason your final liable payroll (year ending 31 March 2021) is different to your estimate, this will be reflected when the final invoice is issued in 2021.
There are two ways to provide ACC with a revised liable payroll estimate:
1. If you’re an employer with PAYE staff, register or log in at 
MyACC for Business (simply scroll down to the actions section of your policy information when logged in)
2. If you’re a non-PAYE shareholder, contact our Business Customer Contact Centre on 0800 222776 or at business@acc.co.nz
ACC took the decision to delay all invoicing by three months to give businesses more time and flexibility in making their levy payments. Invoices for the 2020/21 financial year which would usually have been sent from 1 July will now be issued from October.
To help you manage payment of your invoice, you will have a choice of payment options. ACC will be in touch closer to October to give you more detail about the options available.
ACC has created a web page that contains helpful information about invoicing this year and it’s available here, or you can call 0800 222 776 if you have any further questions.
GST TIME
Have you got your GST sorted?
GST return is due soon.
You need to file your GST return at the end of every taxable period (this may be monthly, 2 monthly or 6 monthly depending on the frequency you have chosen for your business - you can check this with us).
We can help you file your return and pay by the due date to avoid late penalties.
Have you got your paperwork in order?
You’ll need to calculate the following to work out your return:
- Total sales and income for the taxable period
- Total purchases and expenses for the taxable period
- Any GST adjustments for the taxable period
Make sure you keep your receipt from Inland Revenue with the rest of your tax records and make any payments by the due date.
Remember: Simplify GST by keeping a record of your business income and expenses as you go.
Give us a call. We can help you with your tax obligations.
MORE
Want more money, more time or less stress?
We believe our clients all deserve the three freedoms: Financial Freedom; Time Freedom; and Mind Freedom. In other words, more money and time to spend on important things outside of their business, along with less stress. Is your business stifling your freedom?
Being in business is tough. At times, you might be worried about whether you’ll have enough cash in the bank to pay your team and suppliers. Perhaps you’re working 80-hours a week just to stay on top of things. Or, maybe the stress of daily business life is impacting how you turn up at home.
What would Financial Freedom look like for you?
This is about having enough cash in the bank - both in your business’s bank account and in your personal bank account - to do the things that will enrich your life. That could be buying new assets for the business or your family, having an amazing team Christmas party, or taking your family on a much-needed holiday.
We can help you achieve the cash levels you need for your desired lifestyle.
How would having Time Freedom impact your life?
As a business owner, do you feel like you need to be the first to arrive, the last to leave and even take work home with you? You could be too busy working in the business to spend time working on your business strategy. It’s also highly likely that there’s little time left for friends and family, let alone yourself.
We can help you achieve balance so that you are not only less stressed in your home life, but more effective when you’re working in your business.
What is Mind Freedom?
Mind freedom is being able to sleep soundly at night. It’s not burning yourself out before taking that much needed holiday, and it’s not getting sick the moment your holiday starts.
Attaining financial and time freedom can be the first step to achieving mind freedom. More money in the bank and more time outside your business generally leads to better perspective and less stress.
We believe it’s not only our duty to help our clients meet their taxation obligations, it’s our duty to help them achieve Financial, Time and Mind Freedom.
Contact us for more information on how we can help you grow your freedom.
“Your business should deliver you the cashflow you need and the discretionary time to enjoy it.”
