Why is it important to choose the correct BIC code?

Inland Revenue supplies the BIC code you provide to ACC and Statistics New Zealand. Choosing the correct BIC code means the information held by these agencies for you or your business is correct. 

ACC uses your BIC code to calculate the levies you will need to pay (only if you have earnings liable for ACC levies). Supplying an incorrect BIC code will mean your ACC invoices are calculated incorrectly. 

Inland Revenue uses the BIC codes for statistical analysis. 

Statistics NZ translates the BIC code into the Australian and New Zealand Standard Industrial Classification (ANZSIC), which is used to compile and analyse industry statistics.