We all have to pay income tax but most of us end up unknowingly paying too much. As income tax is deducted from your monthly salary before it even reaches you, it can be difficult to know whether you are paying too much or not. However, there are a number of reasons for which you might be entitled to a refund. Perhaps you worked for just part of the year and therefore fall below the threshold, received a lump sum payment (for example a bonus or redundancy), had more than one employer in a single year, have expenses to claim, or were entitled to tax credits but didn’t claim all of them during the tax year. Even if none of those circumstances apply to you, it could be that you’re paying too much tax by being on the wrong tax code.
So how can you work out whether you’re owed an income tax refund or not? One option is to use the New Zealand Inland Revenue’s online tool. However, the online income tax refund process can be lengthy and complicated, as can the personal tax summary (PTS) which you will then have to fill out if you believe that you are indeed entitled to an income tax refund. A far easier way to both work out if you’re owed a refund, apply for it,if you are, and receive the money promptly, is to hire the services of a specialist income tax refund NZ company.
Income tax refund specialists act on your behalf. As registered tax agents with the inland Revenue, they can access your income details for the past five years and directly arrange for any income tax refunds to be paid to you. The agents are experienced in dealing with the IR and will be able to maximise your refund but if they find that you’re not owed a refund, you won’t have to pay them a cent. Rather than spending hours filling out endlessly complicated forms to try to figure out whether you’re entitled to a refund or not, you simply have to complete a short form with your basic details and the income tax agents can take it from there.
To ensure that you maximise your income tax refund the hassle-free way, it makes sense to hire an expert trained to calculate income tax refunds. Nine times out of ten, clients registering with tax agents do go on to receive an income tax refund so it’s certainly worth investigating – you could end up with a sizeable sum of money that it is your right to claim back.
So why not apply now.
