Quicker refunds from the Inland Revenue Department

With the upgrade of the MY IR tax system that occurred at the end of April, the IRD has commenced refunding credit balances within 48 hours, providing there are no other outstanding balances.

This is both good and bad for taxpayers.

If you are making a voluntary uplift payment, pay before the return is filed or get the details wrong when you make a payment, you are likely to get the funds returned to you, and then incur a penalty when everything is reconciled.

 

So what do you need to do:

When making a payment make sure you have the right code and dates, for example;

INC for provisional and terminal income tax

GST for goods & services tax

PAY for PAYE

Dates are DD/MM/YYYY - the tricky bit is ensuring that the year is correct, particularly when paying provisional and terminal tax.  Income Tax payments for the current financial year are 31/03/2020. 

For more information check out this video:

https://m.youtube.com/watch?v=fkP7dDhO_zs

If you are at all concerned about getting it  correct, please call the team at the Engine Room.