A tax refund could put extra cash in your pocket

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A tax refund could put extra cash in your pocket

Auckland, 22 February 2017. As Benjamin Franklin said “There are only two certainties in life, death and taxes”. Although he was right, what he didn’t say is that on the bright side, you can often get a refund on your taxes!

According to the latest research from Canstar Blue, 57% of Kiwis use a tax agent to apply for a refund every year. With a ‘no refund, no fee’ policy operated by most, if not all, agents, it’s a great way to try and generate a bit of extra cash, in fact half of the people surveyed treat their refund as a bonus.

Canstar Blue general manager Jose George says:

“There are a lot of people who think that because personal tax is deducted by their employer, they pay the correct amount of tax, but that is not always the case. A change of job, personal circumstances or a nice bonus for a job well done can all affect the tax you pay. You can also claim a refund for up to five years after you have overpaid tax, so it’s worth looking into.”

Last year Kiwis paid over $30 billion in personal income tax but 14% of people surveyed claimed they did not know what qualified them for a refund.

George continued:

“Sorting out your taxes can be a bit daunting but it’s worth looking into. There are over 5,400 tax agents in New Zealand, some specialising in helping individuals obtain a refund if they are entitled to one. Jump online to compare their services and see who would be most suited to helping you.”

How does New Zealand rate?

Since October 2010, the top rate of personal income tax in New Zealand has been 33%, but how do we rate against the rest of the world?

Most satisfied customers

Scoring a maximum five stars in all six categories and winning the Most Satisfied Customer award for the second year running, mytax.co.nz.

Accepting the award, CEO Lester Binns said:

“To be recognised as the winner for the second year in a row is outstanding. As leaders in our industry what matters most to us is the satisfaction of our clients, those hard working kiwis that have overpaid on tax and deserve a quick and easy way to get it back.

"Our focus is strongly on providing exceptional service and the best value refunds in New Zealand so having this recognised by our clients is very humbling. We're proud to deliver the lowest fees in New Zealand of the top three major tax refund companies."

For further information regarding this survey, please click here.

ENDS

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