TAX REFUNDS

 

 

The Inland Revenue is holding a lot of money in tax refunds owing to taxpayers. This is because salary and wage earners, like you, no longer file tax returns and until recently have not been aware that they have refunds that they could claim through requesting optional Personal Tax Summaries (PTSs).

Note that if you were to personally request a Personal Tax Summary without checking your eligibility, you may end up with a tax bill.

 

Personal Tax Summaries (PTS) - optional 

 Man excited over his potential tax refund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Recapture Refunds can check if you have any tax refunds owing to you and claim them back on your behalf, saving you time and effort, by dealing with Inland Revenue directly through requesting Personal Tax Summaries only for the years you have refunds owing.

Recapture Refunds will charge a 15% commission on optional Personal Tax Summaries if your total gross tax refund is over $30, however if your total gross tax refund is less than $30 or nil for optional Personal Tax Summaries (before arrears), then there is no charge.

If you owe tax or child support arrears to Inland Revenue then they will be automatically deducted from your gross tax refunds, which may result in an invoice from us for our fee if we are not able to deduct our fee from your remaining refund. Please inform us first if this is your situation, so that we can best manage the outcome.

Apply now!

 

Personal Tax Summaries (PTS) - required

There are occasions where you have an obligation to request a Personal Tax Summary which may result in a refund or equally may result in a tax bill. These situations are listed below:

You must request a PTS if you...

and you received more than $200 of ...

received income from $48,001 to $70,000

interest taxed at less than 33%.

received income over $70,000

interest or dividends taxed at less than 33%.

received income over $48,000

taxable Maori authority distributions.

paid child support through Inland Revenue

interest, dividends or taxable Maori authority distributions.

have a student loan and earned over the repayment threshold of $19,084 (for the 2010 and 2011 tax years)

interest, dividends or taxable Maori authority distributions.

As your tax agent we will first inform you of your tax obligation and assist you in your obligation by requesting the required Personal Tax Summary. 

Recapture Refunds will charge a 15% commission on required Personal Tax Summaries if your total gross tax refund is over $30, however if your total gross tax refund is less than $30 or results in tax to pay for required Personal Tax Summaries (before arrears), then there is no charge.

NOTE: You may also be required to file an IR3 tax return if you earned withholding payments (schedular income), overseas income, overseas interest or dividends, cash jobs, rental/lease income, business income, royalties or trust/estate income. Find out more about Tax Returns...

Apply now!

 

Personal Tax Summaries (PTS) - automatic

Inland Revenue automatically sends out Personal Tax Summaries to some people each year who include those who:

  • received Working for Families Tax Credits from Inland Revenue 
  • received Working for Families Tax Credits from Work and Income and earned over:
    • $36,827 for the 2010 tax year and onwards
  • have a student loan and haven't had enough money deducted from your salary, wage or benefit income. used the wrong tax code
  • used a special tax code
  • used a casual agricultural employee (CAE) or an election day worker (EDW) tax code and earned more than $200 from that source
  • received income as an IR56 taxpayer only.

Recapture Refunds will not deduct a fee for any Inland Revenue automatically issued Personal Tax Summary refunds. However if we do work to increase your refund or reduce a tax bill, our fee is 15% of the difference between the Personal Tax Summaries.

If you are our client and have a Personal Tax Summary issued by Inland Revenue automatically, and it is sent to us, we will forward it on to the address we hold for you.

 

 

Our fee is tax deductible, so it costs you less

As an additional benefit, Inland Revenue will increase your refund by up to 33% of Recapture Refunds’ fee (effectively subsidising it). Our fee is deducted from your refund before it is sent to you after being held briefly in the Recapture Refunds Trust Account (with ANZ Bank) while we verify its accuracy. You can receive your tax refund either as a cheque or request it to be directly deposited into your bank account.

If you already have a tax agent, they will automatically be removed when you sign up with Recapture Refunds, as you can only have one tax agent at a time. Please advise them first if they are your accountant.

NB: You can opt to only have refunds checked over the past five years, or to remain a client and have future years checked automatically. Recapture Refunds will become your tax agent in order to check your refunds and will be removed at your request or remain your tax agent as indicated on your application form.

Apply now!

 
Are you owed a refund?
You are almost certainly owed a tax refund if (anytime over the past five years):
Woman with tax refund money


You took unpaid leave

You went on/returned from parental leave
You started or finished work
You earned less than $48,000 before tax and earned interest or dividends
You worked a secondary job
You had part-time or casual work
You were under 19 years and still at school (not tertiary)
Your wages varied each pay period
You received a bonus
You received redundancy pay (between 1/12/06 and 1/10/11)
You moved from one income bracket to another (current income brackets: under $14,000; $14,001-$48,000; $48,001-$70,000; over $70,001)

However, people have received tax refunds for other unknown reasons, so it pays to check whatever your situation.

What are Your Chances?

Our calculations show that less than 5% of our clients are taxed PAYE at the correct amount each year!

We estimate that 90% of wage and salary earners, who have not yet claimed a refund over the past 5 years, have a tax refund waiting for them!

Each year approximately half of our clients receive another tax refund!

 

Claim your refund NOW - before it's too late!

Recapture Refunds can only claim back tax refunds over the past five financial years. If you are owed refunds for years preceding that, they are lost forever, so Inland Revenue keeps your money!

Apply now!

NB: Currently most tax refunds are being paid out within TWO WEEKS of receipt of application.

 

   
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