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It pays to discuss tax issues on time

Did you miss the deadline (February 7) for tax payments?

You can get back on track if you have not met your obligation.

The deadline (February 7) for paying your end-of-year income tax, Working for Families Tax Credits or student loan may have gone but it is not too late to pay your overdue bill.

In fact, the sooner you pay your debt, the less penalties and interest you will be charged. You should therefore act immediately, in your own interest.

Easy payments

It is easy to make a payment by credit or debit card; internet banking; cheque, or cash or other payments at a Westpac branch.

If you are a self-employed person, you may have a tax bill.

This may be because you did not pay provisional tax (instalments of income tax during the year), or if it was not sufficient; perhaps your profit was higher than anticipated.

If you have a student loan, you may have a bill if you did not make student loan repayments from your self-employed earnings.

Excessive payments

Recipients of Working for Families Tax Credits may have received overpayment (which needs to be repaid) if they underestimated their annual income, and/or did not let us know about the changes to their income or family circumstances.

To avoid further penalties, please act now.

You can contact us on 0800-377774 to discuss your situation.

Special arrangements

In most cases, you will qualify for an instalment arrangement that allows you to repay your taxes over a period of time.

An arrangement can save you money.

You will not be charged any incremental (monthly) penalties if you comply with the terms of the arrangement.

Together we can develop a plan that will take into account your individual circumstances as far as possible.

Some people are reluctant to contact us if they feel their debt has gone out of hand. The sooner you contact us, the better for you. The size of the debt is immaterial.

Free Workshops

If you are in business, you may like to attend one of our free tax seminars or workshops held in various parts of the country. Please visit our website for details (www.ird.govt.nz).

Abdul Rafik is Inland Revenue’s Community Compliance Officer based in Auckland. He will answer your queries emailed to venkat@indiannewslink.co.nz

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