Calculating Tax Refund (Estimate)

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Forums › Finance and wealth management › Calculating Tax Refund (Estimate)

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eracode

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#2467574 22-Apr-2020 08:20

firefuze:

Had correct codes for both. IRD calculators are up and operational on their website again. Using them shows a $600 refund

@firefuze

Are you talking about the generic (i.e. simple, non-detailed and not personalised) income tax calculator on their site?

Over the past few years IRD has had a personalised calculator where you could work out your tax situation in detail - but without committing yourself to a submitted return. You could enter all your income info (wage/salary, Super, pensions, interest, dividends etc - plus tax deducted at source like PAYE, Resident Withholding Tax etc) and get an exact calculation of your refund or payment due. The IRD said they would not be able to see the info you entered. However, if you wanted to use that info to submit an actual return later on, you could use the data you saved and submit it online.

This latter calculator does not seem to be there now. Maybe it's still coming or maybe they are not doing things that way this year. I had an email from them yesterday saying they would be in touch with me in a couple of months, setting out the info they have on me and I will need to correct/update it if necessary.

Sometimes I just sit and think. Other times I just sit.

quickymart

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#2467599 22-Apr-2020 09:04

As I said I've been burned by them every time I tried to use them (the calculator says I'll get a refund and I never do), so I just don't bother anymore. I'll just let them calculate it for me.

eracode

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#2467612 22-Apr-2020 09:16

quickymart:

As I said I've been burned by them every time I tried to use them (the calculator says I'll get a refund and I never do), so I just don't bother anymore. I'll just let them calculate it for me.

This might depend on which calculator you were using. There's a generic one and a personal detailed one - see my post above.

Sometimes I just sit and think. Other times I just sit.

openmedia

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#2467649 22-Apr-2020 10:36

Looks like the official IRD calculator can be found under

- https://myir.ird.govt.nz/eservices/home/_/

Generally known online as OpenMedia, now working for Red Hat APAC as a Technology Evangelist and Portfolio Architect. Still playing with MythTV and digital media on the side.

PolicyGuy

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#2467693 22-Apr-2020 11:26

Email from IRD today:

____________________________________________________________________________

Income tax assessments are coming soon

The end of tax year process is automatic for you and most New Zealanders. This means that between mid-May and the end of July 2020 we’ll be processing income tax information for almost 3 million New Zealanders. We’re currently gathering income information from employers, banks and other income providers.
...

We’ll be in touch between mid-May and the end of July

At that time, we’ll send you an income tax assessment to let you know how much income you’ve earned and how much tax you’ve paid over the past year. You’ll see if you have a refund, a bill to pay or if you’ve paid the right amount of tax.

Any refund will be automatically paid into your bank account. If you have a bill, don’t worry. You’ll have until 7 February 2021 to pay. We’ll send you reminders closer to the time, so you do not forget.

Don’t worry if you don’t get your income tax assessment at the same time as your friends and neighbours. We will be sending them in batches until the end of July.

____________________________________________________________________________