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First things first, remember, if there is NO refunds in your account with IRD (Inland Revenue Department NZ), then there's no point in trying to fight for it through a different agency because it's a guarantee they too will come back to you with the same message. Secondly, congratulations to those with Your Refund Limited in getting their tax refunds returned to them sooner than expected.
Now here are some reasons why getting your tax refunds can take a lot longer than anyone anticipated.
Your application contains multiple errors and/or missing information - whether numerical or otherwise. This can definitely slow down the pace of fighting for your tax refund with IRD as the details are not matching up on their end as well. These instances can take days or weeks to get fixed if you do not respond to our reminder emails quickly.
As per IRD, the settlement for the annual Working for Families Tax Credit, or WfFTC in short, happens around July, however, some people may be assessed earlier. If your application indicates you do receive income from WfFTC then we too might require some additional information before finalising your tax return and fight for it on your behalf.
Receiving your tax return electronically is no doubt the fastest and easiest way to get it deposited directly in your back account, thus saving time and charges on a cheque. However, if you plugged in a wrong digit in the account number and your money was sent to someone else’s account, then you’ll have to work with the bank that received the refund to recover the money.
If you receive substantial income from the Government, or interest, dividends, etc., then these too will need to be thoroughly reviewed by us to ensure there are no mistakes or missing information before we can calculate your refund and wire it to you. You would have received emails asking you to scan and upload a copy of your documents to us concerning these other income.
In some cases, for any personal reasons such as travel, vocation, parental leave, or further studies, your IRD records may indicate income gaps in a year or more. As long as you can tell us how how you were financially supported during these gaps, or give us a clear picture of your financial and employment situation, we can also calculate your tax income for you and fight for it.
Unlike a Personal Tax Summary (PTS), filing an IR3 is more complex and detailed, and definitely requires one of our accountants to look into it. The reasons for filing an IR3 are:
Filing an IR3 could take up to 6 weeks because we'll most likely be requesting for more information from you, or, we're squaring off with IRD to pay your tax returns, if any.
If you owe certain debts, including unpaid child support, unpaid taxes or student loans, the IRD can offset your refund by the balance owed. If your refund is offset, you’ll receive a notice from them advising you why your refund was taken and which agency the debt was owed to. You have the right to dispute the debt with the agency that received your refund.
Maybe you're busy, or simply forgot to check your messages, but without getting an approval from you to process your IR3, there really is nothing much we can do, unless you have agreed to our terms and conditions and given us permission to talk to IRD and act and sign on your behalf.
And all this is true for each year that we file your tax returns and tax refunds for you! Only thing you have to do every year is sign in to yourrefund.co.nz, update your details (you do not have to create a new account), and we're good to go!
At times, regardless of your urgency to get your money back, the IRD will take a little more time to go through your account and pay you your taxes back. Some typical reasons being:
Depending on either situation, IRD can take up to 9 weeks to review anyone's account. At this point, we at Your Refund Limited have no control or say in the matter. All you could do is wait while we keep fighting with IRD on your behalf. The moment we have any update, you will receive a message right away!