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."
===========================================================
Here's Thursday's thinker!
I am lighter than air, but a hundred people cannot lift me. What am I?
Do you think you know the answer to our daily riddle? Don't spoil it for your neighbours! Simply 'Like' this post and we'll post the answer in the comments below at 2pm.
Want to stop seeing riddles in your newsfeed?
Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
Poll: Should drivers retake the theory test every 10 years?
Drivers get where they need to go, but sometimes it seems that we are all abiding by different road rules (for example, the varying ways drivers indicate around a roundabout).
Do you think drivers should be required to take a quick driving theory test every 10 years?
Vote in the poll and share any road rules that you've seen bent! 😱
-
48.4% Yes
-
49.7% No
-
1.9% Other - I'll share below
Why make picking up reserved library books harder? What do you think? Challenge: Write the last stanza for the first poem attached below.
Once books are reserved in Auckland Libraries books, when they are available no longer go alphabetically by customer but instead go into a Holds pickup shelf number based presumably somehow on when each book needs to be picked up by.
I had two books reserved that arrived on two different days in the Blockhouse Bay Library and hence each book has a different shelf number. Hard to find unless you knew the shelf number in the notification email. Even if you knew the shelf number I found myself three books by the same author on the two shelf numbers.
More recently yesterday a book I reserved was on a different shelf number than was specified in my notification email (see image below).
Sadly it is clear from library staff that a numerical system for reserves is here to stay.
I suggest that so that all books for each person has the same shelf number, the shelf number becomes the last digit of a person's library card (0-9).
Within each shelf number a book is found under the day the reserve arrives in the library (01 to 31, hopefully the same date the email is sent).
Since a customer appears to have 10 days to pick up a book, ten days of the month would appear to be required at any time (for each digit 0-9).
Once there are 10 days used the next day's reserves could go back at the beginning of the shelf number after any remaining books not collected (hopefully none) are removed (along with the old day number and the new day number (01 to 31) inserted) after the last day available and future days' books remaining moved forward to make room.
Each day number (01-31) would appear once for each shelf number (0-9) before the first book on that day- perhaps cover an old withdrawn book with paper with each day number on the spine?
When a reserved book arrives in the library the last digit of the library card could be placed on a piece of paper in the book to be removed when it is put on the shelf, to be recycled the next day.
What do you think?
See the image below and page 3 below for a letter appearing in the Western Leader on 9 September:
www.neighbourly.co.nz...
Also see:
aaamazingphoenix.wordpress.com...
Loading…
