Get the most out of the IRD
Aucklanders are owed more than $200 million in tax refunds – and by going online you could reclaim your slice of the tax refund pie.
A new website launched last month is a first for New Zealand and helps workers check if they are entitled to any of the estimated $700m in unclaimed tax refunds nationwide.
And there is no fear the Inland Revenue Department will come knocking on your door if you owe money.
“With the internet based system, people put in their IRD number and get a free estimate with no fear they will be sent a bill,” says director of TaxRefunds.co.nz Geoff Matthews.
“Every day we’re finding middle to low income earners and families getting thousands of dollars worth of refunds,” he says.
Around 77 percent of people who have applied online have received three years worth of tax refunds out of a possible five years they can claim from.
While the average refund per person is $416, there have been some “amazing results” in the last four weeks.
“A Fonterra worker received $23,700 over a threeyear period because the worker’s bonus payments were being taxed at toohighMr Matthews says.
One solo mum on $70,000 a year was due $6300 over two years.
Mr Matthews says many taxpayers with dependent children are unaware they can claim a Working For Families tax credit, and says a family with three children on $52,000 a year, could get $9672 back.
“We have also picked up a lot of pensioners who are paying interest on savings at the highest rate, and are due a significant return,” he says.
“We have seen a number of $1000 refunds for this group.”
The site has a built-in calculator where people can key in the number of children and receive an instant estimation of how much they are owed.
The process takes about a lunch-time to complete, but Mr Matthews says “it’s the best lunch-time you’ll ever spend”.
“People who remember filling in tax reforms remember how painful it was.
“We’ve found a mechanism that’s fast and easy with no obligations,” he says.
It is the only internetbased system certified for efi by the IRD.
“We offer the lowest rates in the country, 12.5 percent for filing tax refunds, with a minimum fee of $12.50 and a maximum fee of $500 per refund,” Mr Matthews says.
“Any fee is automatically deducted from the refund so there’s no money up front, and if there’s no refund then we charge no fee,” Mr Matthews says.
“It’s up to you to come and claim it.”
To get your free tax refund estimation visit www.taxrefunds.co.nz. • Residents in the Auckland City Harbour News area make up 2.5 percent of New Zealand’s population, or 101,890 people based on the 2006 consensus, and are owed $17.7 million in tax refunds. They are owed about $21.9 million in tax refunds.
Money to burn: Geoff Matthews, director of the new website tax refunds.co.nz, says people are getting thousands of dollars worth of tax refunds by simply filling in an online form.