TAX FACTS:

Tax Rates

Important changes to personal tax rates for the 2009/2010 year from 1st April 2009 are:

12.5% up to $14,000
21% $14,000 - $48,000
33% $48,000 - $70,000
38% $70,000 plus

Redundancy Tax Credit

A one off payment of 6% can be claimed if you were made redundant from 1st December 2006. We welcome your inquiry.

Donations

A rebate that has recently changed and has no restrictions is donations. Previously this rebate was a maximum claim of $630, now it does not have a cap of $630 but is 33% of the donation amount.

FREQUENTLY ASKED QUESTIONS:

What are the benefits to using My Tax Refund as opposed to doing it myself?

We correctly calculate if you have a refund for the last 5 years, and only submit those years where refunds are due.  Doing this yourself is both time consuming and can be prone to requesting years where refunds are not due thereby receiving a tax bill.  Our guarantee to you is 'based on the information as provided by yourself' if we make a mistake we will pay for it - there is no downside and you will not receive that guarantee anywhere else.

Will I be owed a tax refund?

Over a five year period our statistics show approximately 70% of you will receive a refund.  This is due to many different factors, these include instances such as: working while at school, periods of no employment, bonus payments, more than one job, using an incorrect tax code,etc.  Every persons circumstances are different and we ensure that you receive every refund possible over the last 5 years.

If you are a student at school, then 95% of the time you should be owed a tax refund.

How long will it take?

We will process your refund application typically within the same day as received and once all supporting information is received.  Once confirmed details are available, we would aim to get your refund requested and confirmed with the IRD that day and receive and pay out to you from our Trust Ac within 5-7 working days of this.

What do I need to provide?

Other than filling in the application form, we do require you to send through a form of photographic identification.  The types and way to do this are mentioned on the application form.  This is required to verify your identity and is required by the IRD. 

Is it expensive if I use My Tax Refund?

We have a sliding fee scale shown both in the section of 'Our Service' and on the 'Application Form'.  We have the lowest capped fee of any agency in NZ.   We do have to charge a fee as we are a private company with staff - we calculate every year for you and do a lot of this work for free but ultimately must charge a fee to provide you with this service.

How long has mytaxrefund.co.nz been in business?

My Tax Ltd (website mytaxrefund.co.nz) has been operating in this business since April 2008.  We have performed our service for customers numbering in the tens of thousands.  We have a very high retention rate with our existing customers and one of the quickest payout times of any refund company.

Is my information secure?

Our site uses 128 bit encryption on any information entered and sent through to our secure servers.  We also will not use any personal information for anything other than our specific business purpose use.

How do I get my money?  

Your refund is paid to our Trust Account and any fees deducted at this point prior to the net refund being released to yourself.  We aim to pay out from our Trust Account within 24-48 working hours of receipt of funds from the IRD.


What if I owe Inland Revenue money?

If you have current debt (overdue) with the IRD,  the IRD will use any refunds to pay this debt - we have no control over this.   If your debt is under arrangement and this is up to date - typically then refunds will be able to be paid out.  This is once again up to the discretion of the IRD.

There is no charge if you are not owed a tax refund.


What happens when I appoint My Tax Ltd as my tax agent?

The IRD will automatically send out a letter stating that you have been linked to our tax agency.  This is  a generic letter sent to all people in NZ who use a tax agent.  We are then able to get your income information from the IRD.  Once we have checked and calculated your refunds, any personal tax summaries (PTS) applied for will be sent directly to you by the IRD - this means we have actioned these for you.  They will show the gross figure of the refund before any fee has been deducted.  You may ask - why should I get all this info?  Its your information and shows the action we have undertaken for you - no other agency forwards this directly to their clients.

I have loss of income insurance - can I claim for this?

Absolutely.  If you have been paying this insurance then it is typically fully tax deductable - its usually pretty expensive so definitely worth claiming for - just let us know.

I have a rental property can you assist with final year accounts?

Yes, if you own a rental property we are able to help.  Please go to www.rentalaccounts.co.nz which operates a fixed price rental accounting service - inclusive of personal return filing. 

Will I need to contact the My Tax Refund team each year?

In our letters and correspondence to you we ask that your contact us if you do not wish to use us in the future.  Obviously we hope to do a great job for you and would then automatically look at your tax affairs in the future.  This type of ongoing relationship is only built on trust, just let us know if you do not wish to use our service in the future.

What bank account is on this letter from the IRD?
A Personal Tax Summary is received by the client from IRD for each year we process for the full amount and it has our bank account details on it. This is simply a copy of the work we have done for them, they do not need to do anything with it.

Why is the amount different on the IRD letter than your letter?
A Personal Tax Summary is received by the client from IRD for each year we process for the full amount of the refund, it does not show our fees.

I have been informed that I need to submit a full tax return due to arriving in the country part way through the year or I have received withholding payments - why is this?

If you have arrived in NZ part way through the tax year, then you are required by the IRD to submit a full tax return.  We can submit this for you and also tidy up any other returns you may have outstanding which in fact may not be due.  The IRD charge late filing fees for these required returns, if we can ascertain these are not required we can get these fees reversed for you.

If you have received withholding payments from an employer greater than $200 in any tax year, you are required to submit a full tax return (IR3) also.  The reasoning behind this is withholding payments are different to PAYE in that they are a fixed rate, rather than a rate that varies due to greater or lesser income.  Therefore an end of year square-up is required.  We can easily sort this out and submit for you - also if you have failed to submit in a back year, but have been required to file ever since (but in fact are not required)- we can get these coded off for you and any overdue fees charged by the IRD taken off your account.

What is the 'Tax Year'?

The tax year runs from 1st April - 31st March - so when we ask questions we are always referring to this period.
An example of the 2009 tax year is 1st April 2008 - 31st March 2009 - so remember the calendar year is only a quarter of the tax year (there is only three months of 2009 in the 2009 tax year).


What happens if I am bankrupt?
Your refund may be moved to your official assignee.

I pay child support. Will they take my refund towards this?
If you have any arrears, then possibly. If you are up to date with your arrangement then you may receive it. We will advise you either via letter or email.

How many years can you check if I’m owed any money from IRD?
The last 5 tax years – 2005, 2006, 2007, 2008 and 2009

Can I apply over the phone?
No, you have to apply online or we can send a freepost application form. We require your signature, photographic Identification before we can proceed as your tax agent.

Do you have mall booths?
No, there are other companies with similar names to us. We have one main office in Ferrymead, Christchurch.