Inland Revenue is working on some proposed changes to give everyone a more straightforward tax system.
If the proposed law changes go through early next year, there are a number of things that could affect you.
Better information
You can expect to receive a notification at the end of the tax year. This will tell you how much you’ve earned and how much tax you've paid – so you’ll know exactly where you stand.
Automatic tax refunds
If you have paid too much tax during the year, you'll automatically have a refund paid into your bank account (so long as your bank account details are up to date on our system). If you have not paid enough, we will let you know how much you owe and you won’t need to pay it until February the following year.
Helping you stay on track
Inland Revenue will let you know if it looks like you're on the wrong tax code to ensure you’re paying the right amount of tax and so you won’t get any surprises at the end of the year.
Some examples if the proposed changes and how they could affect for you, can be found out on Changing for You website.
To be prepared for any changes, simply login to your myIR account and check your contact details and bank account information are up to date.
IRD has said that it will be releasing further updates early next year.
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