Tax refunds are basically refunds on taxes. This happens when tax liabilities are less than taxes paid. Here we are going to deal with some interesting facts on tax refunds in NZ.
When working in the country of New Zealand, you might have noticed that you had to pay a part of your earnings as income tax. You can get back some or all of this money. The amount, which you are supposed to get back in NZ depends upon many factors like the amount that you have earned, the time span you’ve been working in NZ, the kind of work you performed and the amount of tax that was withheld from your earnings. This money is usually paid back at the end of a financial year.
You will find taxpayers flocking to sites which promise tax refunds at the end of each financial year. Earlier it only used to be the entrepreneurs who used to think about taxes at the start of every financial year. But nowadays it’s also the salary earners who pay PAYE pay attention to this because many have found that they are due a refund for the overpaid tax.
However, you can claim the refunds for past 5 financial years. There are several sites that offer the service of simple tax returns for the PAYE earners and propose them to IRD when refund is actually due. These websites take their charge as a cut of that amount refunded. There is also another option that people use today. It is the online service of IRD. This is free but they charge huge commissions. Using their service means you will need to give them a quarter of your payout as their commission.
We are a licensed tax agent in NZ authorized to prepare income tax refunds as per the rules and regulations of the Tax Authorities.
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