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Tax 2014: 3 key things you need to know about tax refunds
1
Qualifying for a tax refundYou could qualify for a tax refund for a number of reasons. These could be that you: - only worked for part of the year
- had more than one employer during the year
- have expenses or qualify for independent earner tax credit.
Please note: Most salary and wage earners will have paid the right amount of tax through the year and therefore won't have a tax refund.
2
Finding out if you'll get a tax refundFrom mid-May you can see if you qualify for a refund through your myIR Secure Online Services account. If you don't already have one, register for a myIR account now. Once you're logged into your account: - check your income details are correct, then
- calculate your refund by using the "Work out your income tax filing options" calculator, and only then
- request your personal tax summary (PTS).
Please note: If your calculation shows you owe tax and then you request a PTS, you’ll have to pay that tax.
3
Receiving your tax refundFrom mid-June you can confirm your PTS and once your PTS is confirmed you'll receive your refund within 5 working days. Quick tip: from mid-June you can check, request, and confirm your refund in one action if you choose to. |
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