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ACC Refunding Historic Business Levies

ACC released on Thursday that two historic overpayment issues have been uncovered, relating to self-employed customers and businesses who paid levies when they were not required to do so.

The press release detailed that the issues revolve around:

  • First-year levies collected since 2002 from self-employed customers, who worked fulltime (ie averaged over 30 hours per week across the financial year). This affects approximately 106,000 customers.
  • There are also around 200,000 businesses who paid provisional invoices over the same period, in situations where they were not required to do so.

To read more, the press release is linked here.

The refunds will begin in October 2018, and are expected to take till April 2019 to complete. Of course it is expected that some customers will have changed their details and not updated this with ACC.

To check if you are due a refund, and to update your details if you are, please click here.

If you've seen the film The Wolf of Wall Street, you'll be familiar with the concept of money laundering – an illegal process where 'dirty money' received from criminal activities is passed through legitimate businesses and made 'clean.'

In response to a growing number of laundering incidents in New Zealand, the government has made changes to the law, which now affect accountants and small businesses like yours. As of 1 October 2018, we're required to put new preventative measures in place to help tackle money laundering and financing of terrorism.

What does this mean for you?

We are going to be asking you for more information in order to confirm your identity as part of our customer due diligence process. While this will only apply to new clients from 1 October 2018, it's likely that we will also need to ask this of our current clients in the near future.

We might also need to ask you for more information about your business than what we have in the past, especially if it involves large cash transactions ($10,000 or more in one transaction or international "wire transfers" of $1,000 or more).

For more information, please follow the link for the Justice Department's commentary

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