Tax Refund FAQ’s
A. About 60 seconds Q. When is the best time to apply?
A. Right now, yourtaxback.co.nz can check up to the last 5 tax years to see if you are owed a refund. Q. Why do I need an IRD number?
A. An IRD number is used by Inland Revenue to identify individual taxpayers, yourtaxback.co.nz requires this along with other information to verify who you are and to calculate your tax refund. Q. Why do I have to supply extra information if I had other sources of income?
A. To accurately calculate any refund that could be due to you, we require more information about any other income received. This ensures that any refund we calculate is correct. Q. What are other income sources?
A. Other sources of income includes income that has not been derived directly from an employer/employee relationship and can include, interest, dividends, rental income, trust income, overseas income, income from self-employment, company, shareholder income and schedular income. Q. Is my information safe?
A. Yes. yourtaxback.co.nz takes client confidentiality very seriously, we will only disclose your information to Inland Revenue and VEDA in order to verify your identity and process your refund claim. All client information is handled in accordance with the Privacy Act 1993. Q. How long will it take for yourtaxback.co.nz to know if I am due a refund from IR?
A. Usually within two working days, we will email you to let me know if you are due a refund and how much. Q. What is my chance of getting a tax refund?
A. If you earned a salary or wage in the last five years, chances are that you could be owed a refund. Those who have worked more than one job, earned under certain income levels, or been employed seasonally are more likely to receive a refund. Q. Why would the refund I receive be different to that calculated by yourtaxback.co.nz?
A. Your refund my be revised for the following reasons:
Student loan arrears,
Non-custodial parent arrears,
Child tax credits that were disallowed,
Non-resident for part of the year,
Other taxation arrears,
Incorrect interest details provided to yourtaxback.co.nz, and
Other information available to IR, not known by yourtaxback.co.nz
IR when processing your return
may deduct any arrears, they do this automatically and this is beyond the control of yourtaxback.co.nz. The IR will notify us if they do this, and we will pass this information onto you.
Q. What happens if I owe the IR money?
A. We only request details from the IR in the years that you are owed a tax refund, if you have tax to pay in a certain year we will not request the details for that year unless you agree. Our guarantee is that you will not end up with a tax bill using our service, unless you agree. Q. What does it cost for yourtaxback.co.nz to calculate and claim my refund?
A. If we calculate that you are owed a refund, our filing fee is 15% of the refund up to a maximum of $500 per return, with a minimum fee of $10 per PTS return. A $75 minimum fee applies for IR3 returns. Our fee is automatically deducted from your refund, if there is no refund, then there is no fee. Q. How long does it take for the IR to pay my refund?
A. yourtaxback.co.nz usually receives your refund within 15 working days. We will then pay your refund to you less our fee for preparing the return / PTS. Q. What if I already have a tax agent?
A. If you engage yourtaxback.co.nz to calculate and file a return / PTS on your behalf, we will automatically become your new tax agent when we process your refund. Q. Is yourtaxback.co.nz part of the IR?
A. No. yourtaxback.co.nz is separate from IR. We are IR registered tax agents, we work for you, not IR. We work with IR to offer streamlined services. Q. Who can claim a Child Tax Credit
A. Children who are under the age of 15, or under the age of 19 and still at school may be eligible to receive a child tax credit. If you have been working part time throughout the year, it is quite likely that you will receive an income tax refund, particularly if you are eligible for the child tax credit which allows you to earn up to $2,340 (less interest & dividends) per year tax free.
No Tax Refund, No Fee ServiceSource: www.yourtaxback.co.nz