The 3 key things you need to know about tax refunds

Tax refunds are on many people's minds at this time of year. Before you do anything there are a few important things you need to know, which could save you a lot of time and effort in the long run.
  
1. Do you qualify for a tax refund?
Most salary and wage earners will have paid the right amount of tax through the year, and therefore won't qualify for a tax refund. However, it's possible if you:

• Only worked for part of the year
• Had more than one employer during the year
• Have expenses or qualify for the independent earner tax credit.
 
2. How much will my refund be?
From mid-May you can check for a refund through your myIR online services account. If you don't have a myIR account, now is a good time to register for one.
 
Once you're set up, you can use myIR to:

• Check all your details are correct, then

• Check if you have a refund then

• Request your Personal Tax Summary (PTS).

If your calculation shows that you owe tax, and you decide to request a PTS, you'll have to pay that tax.

3. When do I get my refund?

From mid-June you can confirm your PTS. Once you confirm your PTS, 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.