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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news