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All across New Zealand, business people, managers and staff will have been very busy for the last month or so, readying themselves for the coming end of the financial year ended 31 March, and preparing for the new year's start on April 1st.
Stocktakes, accounting analysis, cashup's, receivables & payables can all be nightmarish terms that can long haunt entity seniors for months to come.
But what about the average New Zealand worker? What does the new 2012 tax year herald for them?
Over the last few years, the working class public has been educated that the end of the tax year is no longer just for big wigs. It also means, for millions of kiwi's, that the chance to apply for another tax refund of overpaid PAYE and salary income tax, is realised. With the proliferation of online and offline tax agents being instrumental in this, Joe Public now looks forward to the tax year changeover, and with good reason.
We spoke to a representative of prominent online tax refund processor, MyTax.co.nz, and were surprised to learn that since their inception, the average customer refund for a given tax year was $516.00. Adding to this, MyTax.co.nz have found that over 90% of applicants have in fact overpaid tax. When quizzed about the higher amounts of tax they have refunded (we all love to dream big, do we not?) MyTax.co.nz informed us that "nearly $40,000" was totalled up & paid out for one client, over 5 years of tax refunds. Now, that would certainly be a pleasant surprise.....
With this in mind, it is no wonder millions of New Zealand workers get excited about the prospect of April 1st becoming much more than just another day on the calendar....