PKF Kerikeri

Work Hard Play Hard

Life is all about balance. When we work so many hours to bring home the bacon it’s important that we can get out and enjoy a little fun as well.

I’m sure you’ve heard the old saying, “It’s all fun and games until someone loses an eye.” It comes from Ancient Rome where the only rule during wrestling matches was, “No eye gouging.” Everything else was allowed. The only way to be disqualified was to poke someone’s eye out. Now that’s a fun fact but where am I going with this?

I’m about to engage in a little fun and throw myself out of a plane in support of “Dare to Dive” for Alzheimers Northland. They are campaigning to raise awareness and much needed funds to continue to make a real difference for people affected by Dementia in our community. I encourage you to read more about their story on our website. However, what happens if I get hurt, loose and eye…? Which got me to thinking, how do we protect ourselves and our business if something goes wrong.

If you’re self-employed or a contractor and can’t work because of an injury, you’re automatically covered by ACC CoverPlus. This is so you’ll still get paid while you’re recovering. You’ll get paid compensation up to 80% of your taxable income based on the most recently completed financial year. Eg, if you earn $52,000 per year on CoverPlus you’d get up to 80% of that each week, which is $800 before tax. ACC may also pay toward the cost of your treatment and rehabilitation.

What many people don’t know is you can choose to change to ACC CoverPlus Extra. It gives you more control over how much of your income you want ACC to cover and means you can lower the levies you pay. You’ll be paid 100% of your chosen amount as weekly payments until you’re able to get back to work. Eg, if you chose $52,000 per year as your level of income cover, ACC would pay 100% of that each week, which is $1,000 before tax. You can also choose to go on a Lower Levels of Weekly Compensation option. You’ll pay a slightly lower levy and your weekly compensation reduces the more hours you are able to work.


Why change to CoverPlus Extra? This type of cover might suit you if:

·         You want more control over how much you pay in levies. The lower level of cover you choose, the less you pay in levies

·         Your earnings vary each year. As you choose a set amount of income to cover, you’ll always know how much ACC will pay if you have an injury and can’t work.

You can apply for any amount of income cover between $26,208 and $101,029. This range changes each year. CoverPlus Extra is subject to underwriting approval. To be eligible you need to be self-employed, a contractor or a non-PAYE shareholder-employee and working full-time, or part-time and your earnings are above $25,376 per year.

If you’re not sure what level of cover works best for you, it’s a good idea to get some advice. PKF Kerikeri can save you a lot of time and frustration because we can take care of it all for you. Click here to request more information.


To support Jancy in “Dare to Dive” for Alzheimers Northland.