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Kiwis urged to claim their bit of $1.6billion tax refund


Kiwis urged to claim their bit of $1.6billion tax refund

Auckland, 28 February 2018. With only a few weeks to go until the end of the tax year, Kiwis are being urged to think about the amount of tax they’ve paid and how to get some of it back.

The latest research from Canstar Blue reveals that 54% of the Kiwis they questioned apply for a refund every year and 25% of people actually received one, but worryingly, some people don’t know how they even qualify for one.

Canstar Blue’s Emma Quantrill comments:

“Tax is very rarely straight forward but a lot of people think that because it is usually deducted by their employer, they don’t need to worry about it. Unfortunately, any sort of change in your personal circumstances, a new job or something as straightforward as a bonus, can affect the amount of tax you pay. It’s always worth checking to see if you’ve overpaid because you might be due some back.”

In New Zealand, there are currently 6.9 million individuals registered with the Inland Revenue Department (IRD) and in the 2016/17 tax year, 3.7 million people paid either Pay As You Earn or filed a personal tax return. The resulting $33.2billion of individual tax collected by the IRD accounts for 48% of New Zealand’s total tax revenue.
In 2016/17 over $1.6billion worth of individual tax payments were refunded and forecasts suggest the figure will be similar for the current tax year.[1]

How do you know if you are due a tax refund?
“A lot of the time you don’t, continues Quantrill, “but it’s really easy to hop online and find out how much you’ve paid and if you may be due anything back. All you need is your IRD number and a few personal details. It’s quick and easy and you could end up with a refund coming your way”.

Rating the tax agents
Sorting out taxes can be daunting so to help, many people turn to one of
New Zealand’s 5,400 registered tax agents, some of which specialise specifically in securing tax refunds.
This year, Canstar Blue are pleased to announce that TaxRefunds.co.nz has been awarded the Most Satisfied Customer Award for 2018.

Accepting the award, Phil Rance, CEO of TaxRefunds.co.nz is pleased with the recognition that the firm has received.
“We have been working hard to upskill our team and ensure that they have the knowledge to answer customer’s questions and deliver the best customer service possible”. He also noted. “The team here have a constant improvement philosophy, so customers can expect more changes driven from their efforts”.

For further information, please visit canstarblue.co.nz

ENDS

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