IRD? PTS? Tax refund? Working for Families... Answered here!
Sometimes you need all the answers to those burning IRD questions, so here some are!
If you have further questions, please contact IRD directly. There phone number for personal tax things is 0800 775 247
Each of these topics below have a questions and answers section so open it up and get your answers! If you have more questions, pop over to our facebook group Cheaper Living NZ and ask in the IRD thread - the link is in the pinned post 🙂
Personal Tax Summary (PTS) and tax refunds
When can I apply for a PTS (personal tax summary)?
You can apply already for the 2017-2018 year. These will automatically be sent by mid July though unless you need to apply for one. More information on this can be found here to see if you need to request one or not.
Should I apply?
You can do a form on your IRD account that won't submit your data, but can help you to work out if you need to do it or not. Generally, if you have kids and get or should get a working for families payment, it's smart to apply.
Can I get paid out early if I need it now?
In most circumstances, the answer is no, but call IRD and see if they can help.
When will I get the refund paid?
Check in your IRD account to see what date it says. In past years it's been around July, but it can be as late as August. If you need clarification, emailing IRD using the secure mail service (through your IRD online account), or calling them will clarify this.
Family Tax Credit
How much can I get? Am I eligible?
Here's the chart for you to work it out. Ask on Cheaper Living if you need some help to figure it out. There's also a link for you to calculate it in the first link. The tax credits ARE changing in July 2018 - This link has a calculator to help you figure out what you may receive.
Can I just receive it at the end of the financial year?
Yes! You can. You need to ring IRD and let them know. You will need to submit a Personal Tax Summary at the end of the year to get it (or IR3 if you need to file one of these - one of the reasons for this is you earned self employed income or interest from an investment) AND you don't get it until the refunds are processed which is around mid year.
Can I get half now, half at the end of the year?
Yes, you can. Just go on to your IRD account and put your income as higher. Then once you do the PTS/Personal Tax Summary at the end of the financial year, you can recieve the rest back. It won't come through until approximately mid year.
Parental Tax Credit with a newborn
What is it?
It's a payment for the first 10 weeks after a baby is born. This is instead of a student allowance, paid parental leave, ACC or a benefit.
Where can I find more info?
Here you are 🙂 All the info about the parental tax credit is here
Am I eligible for it?
Check the link above and find out! It depends on your circumstances.
Help!!! I didn't apply before my baby was three months.
Don't worry! Just ring IRD, get their support and you'll get it paid out at the end of the financial year if you were eligable. You can't get it earlier, BUT you will still get it assuming you are eligible.
I'm paying a secondary tax rate, but I don't earn much... HELP!
Don't worry! If you pay too much tax, it'll be refunded at the end of the financial year so that it meets the tax rate you *should* be paying it at. Make sure you submit a PTS/Personal Tax Summary or IR3 (if that's what you need to submit) then.
Why do they charge more for secondary tax?
This is to make sure you pay the right amount in tax and don't have to pay money back. Make sure you have your tax code right by using this link if you pay secondary tax
When can I apply?
Donation refunds can be done anytime 1st April onwards each year.
How much can I get back on a donation?
You can get 33.33% back on a donation made to approved donor organisations.
How do I apply for this?
Click here and it'll take you through the process. You will need to do this form on paper and send it in.
Using a Tax Refund Service like Woohoo or Tax refunds rather the IRD site...
Why have I not got my entire refund?
This is because these services charge a fee to use their service
How can I do it for free instead?
Go to your IRD account. Then firstly, make sure to remove them as your tax agent on the IRD website and ring and tell them that you do not want them being your tax agent anymore. Make sure to change to refund bank account on your IRD account too to yours, not theirs. Once you've done this, click on the PTS section and you can submit an IR3 if you need to as well. They have tools on the account section to see if you need to submit these.
Best Start Grant
What is it?
The Best Start grant is a payment of $60 per week for one year that isn't income tested (though there are come other conditions). It's available for those who have babies after July 1st 2018 until the baby is one year old then reverts to being a part of the family tax credit. More information is available here.
2018 Tax and Support Changes
What things have changed?
There have been a number of changes including:
- Best Start Grant - $60 for a first year of a babies life for babies born after 1st July 2018
- Winter energy payment for those with low incomes and those receiving a benefit.
- Working for Families Tax Credits
- Accommodation Supplement areas and maximum amounts have generally risen.
- Orphan’s Benefit, Unsupported Child’s Benefit and Foster Care Allowance has risen.
You can read more about these changes and how they may affect you here.
If you want to check what you are eligable for and what you may be eligable for after a life change (having a child, moving to a new area or similar), this tool will be a lifesaver!
Another question about something related to you, rather than just general?
Please ring IRD on 0800 775 247 to get more advice. They are the best source of accurate answers 🙂
But...If this doesn't answer it, and it's not a question for IRD, then we welcome your question in Cheaper Living NZ!