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Easier income tax refunds

Easier income tax refunds

Thousands of people will find it easier to obtain their income tax refunds from next year, Revenue Minister Michael Cullen and Associate Revenue Minister Paul Swain announced today.

The government is raising the $50 threshold under which salary and wage earners who are due an income tax refund will automatically receive it after 30 days if they have been issued a personal tax summary by Inland Revenue. For refunds over $50 they need to contact Inland Revenue to confirm that the refund is owing to them.

“Cabinet agreed today to raise the automatic refund threshold to $200, which means that an estimated 128,000 people will find it easier and simpler to gain access to their income tax refunds,” the Ministers said.

“People who receive a personal tax summary will no longer have to contact Inland Revenue to confirm their refund if it is $200 or less, which will save them time and effort.”

“The measure is an extension of the recent tax simplification reforms that freed over a million salary and wage earners from the requirement to file an annual income tax return. To claim a refund, however, it is necessary to request a personal tax summary – but today’s announcement will streamline the process for obtaining a refund of $200 or less.”

The higher threshold will apply to personal tax summaries that are issued in relation to the current tax year, 1 April 2002 to 31 March 2003, and to future years.

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