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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news