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

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news