Inland Revenue (IRD) is contacting investors to correct their tax rate after an estimated $42 million was overpaid by around 950,000 New Zealanders in the 2019 tax year.
IRD said that 1.5 million New Zealand investors, including KiwiSavers, were on the incorrect prescribed tax rate (PIR). Around 550,000 of those have underpaid their investments, according to IR, with an average of $80-$90 owing in tax. However, almost double that number have overpaid by an average of $44 per person. Inland Revenue deputy commissioner Sharon Thompson said current legislation does not allow for a refund of overpayment. Ms Thompson said trying to go back over past years and determine incorrect payments based on wrong PIRs would have required significant work not just for Inland Revenue but for individual taxpayers and financial institutions. "For the 2019 tax year, an estimated $42 million was overpaid. Current estimates show between $45 and $50 million of investment tax was underpaid, and that will be recovered," she said. "But these figures are changing as IR's new system continues to receive information." Ms Thompson said IRD will be getting in contact with investors to correct the error. "From mid-July 2019, we'll begin proactively contacting customers who are on an incorrect PIR to let them know they need to change it to avoid paying too little or too much tax in the future. They can then contact their investment provider to change their rate."And in the future, we'll contact customers during the year if we identify they are using an incorrect PIR. This will be an on-going process to ensure that customers can get things right from the start."
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Goldco Antique Buyers in Auckland Region
WANTED WANTED WANTED:
Gold • Coins • Watches • Banknotes • Antique • Jewellery • Collectables
The market for many antiques, collectables, vintage watches, artefacts, gold and silver items has been buoyant these past few years. So if you are considering selling any of these or similar items then our specialist buyers would like to make an offer.
Any items will be considered so please don’t be shy and visit one of our venues.
Large or valuable collections? Single items? Downsizing, moving or decluttering? Family not interested? or simply turning unwanted items into cash.
*Immediate payment made *No commission or waiting *Free no obligation appraisal *Onsite security *Please have your bank details handy
Whether you have a large and valuable collection or a single item of broken jewellery please take this opportunity to see us at a venue near you.
See us at a venue near you - See venues here:
Goldco Antique Buyers | Member NZNDA | website email: goldco@xtra.co.nz | Ph: 0800 105 228
Poll: If we want to reduce speeding, what do you think actually changes driver behaviour? 🛻🚨🚓
In the Post's article on speeding penalties, the question is asked whether speeding fines are truly about road safety, or are they just a way to boost revenue for the Crown?
What do you think? Should speeding motorists receive speeding fines or demerit points?
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31.2% The sting of a fine (Money talks!)
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68.8% The threat of demerit points (Nobody wants to lose their license!)
Poll: Is Auckland’s economy improving?
The latest reporting from The Post suggests a wave of optimism for 2026. With interest rates finally heading south, businesses are feeling more positive. But for many on the ground, the real-world recovery feels a bit like a slow-moving commute on Auckland's motorways.
We want to know: Are you seeing signs of Auckland's economy improving in your industry or neighbourhood? Whether it's busier shops, new projects kicking off, or just a shift in the mood ...
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16.9% Yes
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65.6% No
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17.5% A little
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