03/13/2018 In our aim to help you get more money, we've found six tips which will help you reduce your tax liability during tax time. Keep in mind that these methods are only applicable for this year, 2018, things might change by next year as they often do.
1. Find out what kind of return to fileIndividual tax return (IR3)
If you've earned additional salary income other than interest, dividends, and/or taxable Māori authority distributions, you will need to file an IR3 – or IR3NR if you’re not a New Zealand resident. We can work out what kind of tax returns you need to file.
2. File online with us to save timeYou can file the following returns online by simply signing up:
Remember, there is no fee if it is only a PTS and no tax refunds are due.
3. Hire an expert to help you outIf you try to file your taxes on your own, there is a huge room for irrevocable errors and payments which could have been avoided if a tax agent files it on your behalf. Most Kiwis may think it costs more to hire a tax agency like us, but it's money well spent since we can help you claim deductions and keep you from making mistakes on your returns.
4. Arrange your documents in orderKeeping your records and documents in order is one of the best ways to claim expenses and file tax returns, especially if you earn additional income and/or have overseas income. In most cases, this holds true for immigrants and travellers. Having your documents in order also helps us save time on claiming your tax refunds.
5. Always review and correctThis is your money - a livelihood - so take some time to double-check and triple-check your return before filing it. IRD is not responsible for its mistakes, or at least won't own up to it. The taxpayer, you, are expected to find the right answers beforehand. If you notice your return needs modification/update, do them right away.
6. Timing is everythingIf the IRD sees that you have been late or simply careless, they will charge you a 20 percent penalty - and that's just the start. Missing deadlines could mean penalty, filing too late for your refunds could mean losing out your cash forever. But with a tax agent to help you out, these things are the least of your worries.
Nothing changes as frequent as tax laws - even recently IRD is thinking about introducing taxes on goods bought online. So knowing about these changes can be financially rewarding since you can plan ahead on how they might affect your cash flow.
Our tax agents and accountants live by these rules and are always up-to-date with IRD and NZ Government laws - after all, it is part of their work.
When you apply with us, we only ask you simple questions about your situation before filing your tax returns and refunds, keeping in mind that you get the biggest amount back.