CHARTERED ACCOUNTANT'S NEWS & VIEWS

​Recently we contracted the services of an ACC levy refund specialist, Arrowform Limited, to conduct a thorough review of all our clients’ ACC invoices for any refunds due. 

For years, ACC’s complicated invoicing processes have resulted in many businesses and individuals being overcharged for ACC levies. Recently, ACC admitted in the media that they had incorrectly invoiced ACC levies to customers since 2002. They also said that they will be refunding these overcharges automatically to all affected customers. ACC have also admitted to incorrectly invoicing self-employed individuals. 

Given ACC’s recent error admissions, we now want to thoroughly check all clients ACC accounts, and check for any other invoicing errors ACC have been making that can lead to refunds due to our clients. 

Reviewing ACC’s invoicing, and identifying these overcharges, has always been difficult, which is why we have engaged Arrowform. They have developed a cost-effective process, using highly specialised tests and bespoke computer systems, to identify any overcharges made be ACC, that may result in refunds due.

Arrowform’s ACC account review system gets results – their review system has shown that 32% of companies and individuals that have paid ACC have been overcharged, with an average ACC refund due of $1,011. If you have ever paid an ACC invoice over the years, you could be due a refund. 

Shortly, we will be contacting everyone that has an ACC account outlining the ACC account review process in more detail. We will be encouraging all those with an ACC account to participate in this opportunity to have their account thoroughly reviewed for any refunds due dating back to 2002.

​Times are changing in the accounting world and we feel our responsibility as Accountants has widened.  It is becoming much more important that we advise on such issues as protecting your business and future proofing your circumstances.
 
ACC is an inevitable cost to any business and every business is required to pay ACC levies.  These can be reduced in many instances and we recommend Christine Hay of Financial Sense Limited to look into this for our clients.  Christine is an independent adviser who specialises in helping our clients with shareholder protection, key person protection and ACC implications.
 
The structure of an insurance adviser working closely with the accountant has proven to be very successful and a point of difference. Just having the correct policies is not enough, the ownership needs to be correct for your business or trust.  We often find there are ACC savings to be made and benefits added and these savings are ongoing each year.
 
Christine has the unique advantage of being able to discuss the most tax and cost effective way of structuring your insurances for your individual circumstances, working alongside your accountant to incorporate your insurances with ACC to gain the best advantage.
 
Christine offers all of our clients a free, no-obligation review of their current business and individual protection and can advise any changes that may need to be made and areas where savings could be made.  Please feel free to contact our office if you would like to take up this offer and we can organise it for you.