Those who believe that only the recipients of large salaries can rely on the tax refund are greatly mistaken! As the statistics show, it is recipients of small salaries, most passively submitting annual income declarations, each year lose impressive amounts, which they could return from the state. Therefore, do not neglect to fill out the declaration, believing that they will not return anything, but check to see if this is true.

Overpayment of the tax for a differential non-taxable minimum will not be for those who received "on paper" 1,100 euros or more last year. However, it should be borne in mind that the amount of overpayment, formed as a result of a differentiated non-taxable minimum, is also influenced by additional incomes and other benefits received by you. Calculate the amount of income tax can be returned from the state, the calculator developed by the Swedbank Finance Institute will help you. The Chartered Accountants Auckland offers the perfect options for the same now.

Register checks became more convenient

If earlier you were deterred by the collection of checks and the time-consuming process of registering them, now you have a reason for joy. Now you can, without waiting for March 1, register all checks as soon as they are received in the mobile application of the State Revenue Service "Justified Expenses", thereby saving time when completing the declaration. All checks registered in the application will automatically appear in your annual declaration, greatly facilitating the process of filling it and reducing the likelihood of an error when choosing the appropriate column for justified expenses. It should be noted that since this year the amount of justified expenses for education and medicine has been increased, therefore, by submitting a declaration in the next year, you will be able to return the overpaid tax from 600 euros instead of the current 215. This means that the motivation to collect checks and pay once a year a little time to complete the declaration will be three zraza more!

Use all the opportunities to pay back the overpayment of the tax

Many know that overpaid tax can be returned for medical and educational expenses, as well as for contributions to the 3rd pillar level or life insurance with accumulation of funds. But not everyone remembers that:

the limitation of the amount of justified expenses of 215 euros does not apply to planned operations and
dental services. In this case, the overpaid tax from the full amount of expenses can be returned already in
the year of filing the declaration;

if you worked part-time, the non-taxable minimum was not fully applied, therefore, you can return an unused
portion of the minimum you set for those months in which you did not work;

if you for some reason forgot to register the dependent in advance, you can demand the return of the
overpaid tax for unused benefits;

The cost of treatment also includes buying a compulsory health insurance policy;
parents can return part of the costs for children's groups or education for interests.

Money can be returned for other family members

Parents tend to include in their declarations justified expenses for their children, but the law provides much more opportunities. So, you can specify in your declaration justified expenses for other members of your family, for example, parents, grandparents, great-grandparents, spouse, and minor brothers and sisters, regardless of whether they worked. However, in this case it should be borne in mind that the amount refunded can not exceed the income tax paid by the population during the year. For each person included in the declaration, there is a separate limit of 215 euros.

About the Company: Ramesh, Chartered Accountant at Kiwi Tax Accountants, is based in Mt Roskill, Auckland, but thanks to Xero and the power of the cloud, we can help your business with accounting no matter where you are in New Zealand.