Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


s.joseph

565 posts

Ultimate Geek

Trusted

#23039 16-Jun-2008 11:30
Send private message

Hey I was 16 at the time of working and got taxed $1,171.59 and upon requesting a child rebate they said i'll get $600 back
I feel slightly robbed. Does this sound right?

Create new topic
andysh
177 posts

Master Geek


  #138337 16-Jun-2008 12:04
Send private message

I think you get taxed on the tax rebate, good eh

bazzer
3316 posts

Uber Geek

Trusted

  #138348 16-Jun-2008 12:51
Send private message

andysh: I think you get taxed on the tax rebate, good eh

Rubbish!

In general, with a simple tax situation like yours, I would expect the IRD to get things right, but let's take a look (n.b. I am by no means a tax expert, but I don't really think you need one here).

Assuming you were taxed (correctly) at 19.5c and 1.3c ACC earner's levy then your taxable income should have been around $5,600, right?  You would have been eligible for the child rebate (if you were at school all year) and the under $38,000 rebate.  The under $38,000 rebate brings your tax rate down to 15% for the first $9,500 (i.e. rebate of ~$250) and the child rebate means the first $2,340 was tax free (i.e. rebate of $351, the maximum).  So, seems like the $600 is about right.

Were you hoping to pay no tax?!

P.S. Any tax experts feel free to chime in if my calculations or assumptions are incorrect.

 
 
 
 


s.joseph

565 posts

Ultimate Geek

Trusted

  #138355 16-Jun-2008 13:11
Send private message

 
Were you hoping to pay no tax?!


yea kinda lol. haha my income was $6064
gues i should be happy then! thanks bazzer

Create new topic





News »

Huawei introduces new features to Petal Search, Maps and Docs
Posted 26-Oct-2020 18:05


Nanoleaf enhances lighting line with launch of Triangles and Mini Triangles
Posted 17-Oct-2020 20:18


Synology unveils DS16211+
Posted 17-Oct-2020 20:12


Ingram Micro introduces FootfallCam to New Zealand channel
Posted 17-Oct-2020 20:06


Dropbox adopts Virtual First working policy
Posted 17-Oct-2020 19:47


OPPO announces Reno4 Series 5G line-up in NZ
Posted 16-Oct-2020 08:52


Microsoft Highway to a Hundred expands to Asia Pacific
Posted 14-Oct-2020 09:34


Spark turns on 5G in Auckland
Posted 14-Oct-2020 09:29


AMD Launches AMD Ryzen 5000 Series Desktop Processors
Posted 9-Oct-2020 10:13


Teletrac Navman launches integrated multi-camera solution for transport and logistics industry
Posted 8-Oct-2020 10:57


Farmside hits 10,000 RBI customers
Posted 7-Oct-2020 15:32


NordVPN starts deploying colocated servers
Posted 7-Oct-2020 09:00


Google introduces Nest Wifi routers in New Zealand
Posted 7-Oct-2020 05:00


Orcon to bundle Google Nest Wifi router with new accounts
Posted 7-Oct-2020 05:00


Epay and Centrapay partner to create digital gift cards
Posted 2-Oct-2020 17:34









Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.