One of the best things about paying your taxes diligently is that you could be rewarded handsomely for your efforts at the end of the tax year. And with end of New Zealand’s tax year just around the corner, you are probably itching to know how you can apply for a tax refund and reap your rewards. Here are some key facts and information you need to know about applying for a tax refund in New Zealand.
New Zealand’s tax year starts on the 1st of April and ends on the 31s of March of the following year. If you have been working in the country for the whole tax year, you can file an application for a tax refund when the tax year ends. In case you leave your workplace in the middle of the tax year, you can apply for your tax refund right away. In the event that you don’t have the time to apply for a tax refund immediately, don’t fret. You have up to seven years to file your application. To apply for a tax refund, you will need to obtain a Summary of Earnings from your employer in New Zealand. Once you have filed your application, it takes about three months to receive your tax refund. Don’t want to go through the hassle of waiting because you have more important things to do? Well, you could always enlist the services of professionals and they will take care of everything for you.
Applying for a tax refund in Australia
Just like when working in New Zealand, you could qualify for a tax refund if you have been paying your dues diligently in Australia. In Oz, workers pay between 13% and 29% of their income as taxes. While the tax rates may be high, the good news is that most temporary workers in Australia overpay their taxes. Because of this, many of them are due some kind of a tax refund from the Australian Tax Office or ATO. You can apply for your tax refund as soon as the tax year ends, the 1st of July, or when you are leaving Australia, whichever comes first. But before you file your application, you will need to obtain your PAYG or your final cumulative payslip from each of your Australian employers. Or if you prefer, you can also enlist the services of third party company to handle your application for tax refunds.