JUNO INVESTING ©

Don’t pay to get your tax back!

JUNO INVESTING ©
Don’t pay to get your tax back!

 

JUNO does not contain financial advice as defined by the Financial Advisers Act 2008. Consult a suitably qualified financial adviser before making investment decisions. This story reflects the views of the contributor only. Content comes from sources that JUNO considers accurate, but we do not guarantee that the content is accurate. Charts are visually indicative only.

Website story by Brenda Ward

How to check whether you get a tax refund… without having to pay a tax refund company.

So, you’re a PAYE earner. Maybe you didn’t work a full year and you suspect the tax department owes you money.

But… you don’t want to ask them if they owe you, in case you discover you owe them instead… right? And everyone knows, if you owe them, you’ll have to pay up.

So, lots of people go to tax refund companies to find out if the IRD owes them, without risk. But if you do, there’s a fee to pay.

So, JUNO asked the IRD helpdesk for some tips on how to get around that awkward situation and find out if you have a refund due.

It turns out to be lot easier than it was when everyone had to fill out a form and post it in.

You can simply log into ird.govt.nz and register to MyIR to find out if you’re owed money, or (bad luck) if you owe them. To get a log-in, you’ll need your tax number (put it in without the zero at the start).

When you’re logged in, go to ‘Account Information’. Click the tab ‘Money back’? It’ll ask some simple questions, then calculate how much you owe – or, with any luck, how much they owe you (see warning below).

Warning: If you’re sure they owe you, you can ask for a PTS (Personal Tax Summary), and they’ll pay you. BUT if you’re not sure, or if you owe them, don’t request a PTS! If you do, you lock that debt in and the IRD will ask you to pay them instead.

Note that you may have to wait until your employer has loaded your final income and tax as at March 31, 2017.

Not sure if it’s all there? You can check your income on MyIR, to see if the paperwork covers a full year, and whether your finalised annual income is through yet.