Res­o­lu­tions for the new tax year

Nelson Mail - - BUSINESS - SU­SAN ED­MUNDS

The new tax year has be­gun. This is a good time to take stock of your fi­nances and en­sure you have ev­ery­thing in or­der for the 12 months ahead.

IETC: The In­de­pen­dent Earner Tax Credit is avail­able to people earn­ing between $24,000 and $48,000 a year, who aren’t get­ting any other form of gov­ern­ment as­sis­tance. You can get up to $10 a week or $520 a year.

People who have an ME or MESL tax code au­to­mat­i­cally have the credit cal­cu­lated in their pay but other work­ers need to file an in­come tax re­turn to re­ceive it.

Check for a tax re­fund: You can file a re­fund for up to the past five tax years.

To claim, log on to the In­land Rev­enue site and reg­is­ter for MyIR then use the cal­cu­la­tor to work out whether you’re owed money.

A record 342,014 tax­pay­ers ap­plied for re­funds last year us­ing the myIR on­line ser­vice.

You’re more likely to be due a re­fund if you’ve changed jobs dur­ing the year, had time out of the work­force or re­ceived an ex­tra pay­ment such as re­dun­dancy.

Set up a reg­u­lar do­na­tion: Now is a good time to set up a reg­u­lar do­na­tion to char­ity.

If your em­ployer of­fers it, you can sign up for pay­roll giv­ing, do­nat­ing from your pay and re­ceiv­ing an im­me­di­ate tax credit in re­turn.

This stops you hav­ing to wait un­til the end of the next tax year to claim your 33 per cent tax credit for dona­tions.

If you’ve been do­nat­ing to a char­ity over the past year, file a re­fund to claim your re­bate. You can then choose to do­nate the re­bate, too, should you wish.

Ki­wiSaver: Are you on track to have con­trib­uted at least $1042 of your own money to Ki­wiSaver by June 30, to get the full gov­ern­ment con­tri­bu­tion of $521?

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