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

 


Tax refund time a cash injection into economy

Media Release

13 June 2014

Tax refund time a cash injection into New Zealand’s economy

The New Zealand’s regional centres could be in for a cash injection this month as the Inland Revenue (IRD) begins to release some of their 2014 financial year tax refunds.

Estimates by NZ Tax Refunds (shown below) indicate that if the entire population of these nine regions claimed the overpaid tax that may be owing to them over millions of dollars would be injected into the local economy.

Region (a) Population (x) Employment rate% (e) (y) $
Auckland Region 1,415,550 91.9 483,931,247
Wellington Region 471,315 92.8 162,705,479
Christchurch City 341,469 94.9 120,548,118
Dunedin City 118,683 92.5 40,838,820
Hamilton City 141,612 90.5 47,675,096
New Plymouth District 74,184 94.4 26,049,993
Palmerston North City 80,079 92.4 27,525,394
Nelson Region 46,437 94.1 16,255,364
Tauranga City 114,789 92.4 39,456,193
(based on 2013 census figures)

y *Un audited calculation made by multiplying the population x the regional employment rate e (based on the 2013 census figures) x 0.93 (the % of NZ Tax Refund’s customers who have overpaid their tax in the last 5 years x $400 the average kiwi’s have overpaid their tax ($400) = $y

This week IRD have released the 2014 tax refunds and WooHoo NZ Tax Refunds began paying out the majority of their customer’s tax refunds.

NZ Tax Refunds CEO Cilla Hegarty says that “it’s a shame that there are so many people in the New Zealand who don’t take advantage of these refunds. As 93% of our customers have overpaid their taxes in the last 5 years there is a good chance that kiwi’s are owed some o f their money back. If everyone got what was owing to them their region’s economy would receive a major boost”

“We’ve already paid millions of dollars in tax refunds to workers across the country. It’s our favourite time of year and I suspect the retailers might be opening their cash registers a bit more this month” said Mrs Hegarty.

- ENDS -


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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