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5 New Zealand Tax Tips - NZ Tax Refunds

Date Added: June 27, 2013 02:37:57 PM

Did you know that the New Zealand government collected just short of $50 billion from tax payers during the 2011 tax year? Individuals making up the NZ population contributed over $23 billion of this. As a New Zealand based company providing tax refund services to our valued customers, we feel obligated to share a few tax tips to ensure you are not paying for than you have to as a New Zealand resident.

New Zealand Tax Codes

All New Zealanders have one if you're in the work force. However it is easy to forget that if your circumstances change so will the need for you to update your 'tax code' through the IRD or your registered tax agent. There is currently over $500 Million in overdue student loan repayments - don't allow yourself to be one of these statistics.

You and Your Family

Your family might be entitled to working for families tax credits (WFFTC). An average of $13,500 was paid out to over 194,000 families in New Zealand during 2012. If you have a newborn baby, remember to apply for a new IRD number as soon as possible!

Working Overseas

If you are planning on going overseas and are coming back to NZ, remember to take with you all of your payslips. If you are away for more than 180 days, you may have to declare your annual income from both countries. Don't worry about this - New Zealand has an arrangement with most countries which will ensure you are not taxed again upon your return.

Making Donations

Keep your receipts for any donations over $5.00. If you make a donation over this amount to any charitable entities or organisations you are able to claim this back through a "donations rebate".

Extra Income

You must declare all the income that you earn. Yes fellow New Zealander's this includes money you make from Trademe, rental income, book royalties and more. Of course most of these are considered business activity, which means you can claim your expenses back on this income also.