Many people do not realise that they may be entitled to a tax refund. In fact more people than not are due at least one refund in the last five years!
There are tens of thousands of people who have not submitted a tax return and will not be aware that they could be entitled to a refund. Reasons why people are due a refund include: being taxed at the incorrect tax rate, leaving a job during the year, having a break from work or travelling overseas.
Our statistics show that approximately 80%* of New Zealanders filing tax returns receive a refund. Further reasons and instances include: periods of no employment, bonus payments, more than one job, and using an incorrect tax code to name a few. Every person’s circumstances are different and New Zealand tax law entitles people to claim a refund for each of the last 5 tax years. The total sum of the refund over multiple years can certainly add up to a healthy amount!
At mytaxrefund.co.nz, as an Authorised Tax Agent (My Tax Ltd) with reference to the individuals IRD number, they can review IRD records and calculate if the individual has a refund (for up to the last 5 years), and submit those claims where refunds are due.
Some people choose to contact IRD themselves. Doing this yourself is both time consuming and can be prone to requesting years where refunds are not due, nor required, and thereby receiving a tax bill. mytaxrefund.co.nz guarantee to their customers is ‘based on the information as provided by the individual’ and as such if mytaxrefund.co.nz make a mistake they will pay for it – there is no downside for mytaxrefund.co.nz customers.
So are you owed a Tax refund?
* Are you up for a tax refund or tax bill? May 15 2015. Fairfax, Business Day