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561 posts

Ultimate Geek

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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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177 posts

Master Geek


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

3309 posts

Uber Geek

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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.

 
 
 
 




561 posts

Ultimate Geek

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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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