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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news