Many New Zealanders are overpaying tax, missing refunds they're entitled to, and leaving money on the table, simply because the system is confusing and nobody explained the rules.
In this episode of Making Cents, chartered certified accountant Baqir Hussain, founder Finex Accounting, breaks down exactly how to stop losing money to the tax system and start making it work in your favour.
We talk:
The single biggest mistake Kiwis make with the IRD, and how it turns small issues into massive tax debt
How New Zealand's progressive tax system actually works (and why you should always take that pay rise)
Surprise tax bills: the most common causes and how to avoid them
What salary earners can legitimately claim back, including income protection insurance, donations, and investment costs
Working for Families: who qualifies, how to backdate claims up to four years, and how one family recovered $15,000 they didn't know they were owed
Home office deductions for self-employed workers and contractors
Why tax threshold creep means most Kiwis are quietly paying more tax every year
Whether you're a salary earner, raising a family, or running a small business, there are straightforward steps you can take right now to reduce your tax bill — legally, and simply.
This episode of Making Cents is proudly supported by Odoo. Go to http://odoo.com/r/hpl now and try it for free, for 15 days.
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Production and video editing by Lana Byrne
Audio engineering by Tash Chittock
Filmed by Fanaticals
New Zealand