A huge number of people don’t realise that they could be entitled to a New Zealand tax refund. Indeed, millions of dollars are lost to the government each year in overpaid tax. Whether you investigate yourself or employ the services of a tax agent, always check what you are rightfully entitled to or you could be paying too much tax. Here’s how:
Could you be entitled to a tax refund? There are a number of reasons for which you could be entitled to a refund on your income tax. If you only worked for part of the year due to redundancy, travelling or pregnancy and childbirth; received a lump sum payment thanks to a bonus or redundancy; have expenses that you are yet to claim; were entitled to the independent earner tax credit but didn’t claim all of it within the tax year; or if you qualify for a tax credit such as working whilst still at school or if you made donations to a donee organisation.
Using a tax agent To cut out all the hassle and ensure that correct calculations are made, it’s a good idea to issue a tax agent to act on your behalf to prevent you from getting into financial strife and to make sure that you receive any refund owing to you. When the tax refund season comes around they will check daily for updates and will inform you of the amount you will receive and when you will receive it as soon as it’s announced.
The New Zealand financial year begins April 1st but there is always a delay before tax refunds can be given, which could be any time between May and the end of June.
