Allows every New Zealander to seamlessly request a tax refund

A new guide to tax refunds by MoneyHub applauds the IRD’s efforts to make overpaid taxes easily accessible to everyday New Zealanders.

A newly released consumer guide challenges the purpose of so-called “tax refund companies” and outlines a number of tips to maximize a tax refund.

MoneyHub’s Senior Researcher Christopher Walsh said “the IRD has upgraded its online systems to make requesting a tax refund very easy. The IRD’s myIR tax refund platform was relaunched on 17 April with a focus on simplicity, which is great news for everyday New Zealanders. We see the ease of completing a do-it-yourself tax refund as a major challenge to the numerous tax refund companies who offer their no-refund-no-fee services”.

“We believe that more people are entitled to a tax refund than the IRD advises on their website and marketing, which is why we put together what we consider to be New Zealand’s first comprehensive and independent guide to do-it-yourself tax refunds”.

“It’s easier to be eligible for a tax refund than a lot of people think. For example, anyone who has given a donation to registered charity can claim 33.33% back of the money as a tax refund. Furthermore, working single people earning under $48,000 may qualify for the Independent earner tax credit (IETC) which is not as well-known as the Working for Families scheme but pays out nonetheless”.

“We fully support the IRD’s efforts to make tax refunds as easy as possible to obtain, eliminating paperwork and lengthy forms. School children with after school jobs, temporary employees only working a few months a year or women on maternity leave are all highly likely to receive tax refunds and applying for the money has never been easier”.

Beyond the guide to the tax refund process, MoneyHub also debunked some myths and provided a list of FAQs. The dedicated page would be updated on an ongoing basis.

More details: Tax Refunds

© Scoop Media