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Forums › Finance and wealth management › any tax experts out there?
s.joseph

606 posts

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#23039 16-Jun-2008 11:30
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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?

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andysh
229 posts

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  #138337 16-Jun-2008 12:04
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I think you get taxed on the tax rebate, good eh




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bazzer
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  #138348 16-Jun-2008 12:51
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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

606 posts

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  #138355 16-Jun-2008 13:11
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Were you hoping to pay no tax?!


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

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