Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Over $3m in refunds ready to be claimed

Over $3m in refunds ready to be claimed

Thousands more New Zealanders could be due a tax refund this year – although they may find their claim a little harder to work out.

A new Independent Earner Tax Credit (IETC) was introduced last year, and Lester Binns, from online tax refund agency MyTax.co.nz, says this and other tax changes will have a big impact on the number of refunds owed this year.

“It’s going to be a fantastic refund year - much better than last year,“ Lester says. “From the pre-assessments we’ve done, there’s already over $3million in refunds ready to go.”

MyTax.co.nz checks through five years of tax payments at no upfront charge to clients, uncovering an average refund of five to seven hundred dollars, with the top payment to a single client going as high as $40,000.

Mr Binns says most people are over-taxed rather than under-taxed, and working out a tax return is relatively hard for a novice. Any money owed to salary and wage earners sits with IRD and after five years, if it is not refunded, the government reclaims it.

“Our tax agents are intensively trained, as there are so many components to work through, yet the IRD expects people to be able to do it themselves,“ he says. “Getting MyTax.co.nz to work it out for you takes out the risk and hassle, also protects you from having to pay tax if you do owe anything.”

Half the tax paying population now uses a tax refund company and around 75% of people receive a refund, although Mr Binns is expecting this to be much higher this year.

MyTax.co.nz is one of the leading online tax refund businesses. It is 100% New Zealand owned and runs the mytax.co.nz refund service out of Nelson, employing 26 staff.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news