Do I need an accountant?
Recent changes to the IRD website has made it even easier for people to file their tax returns themselves and get any tax refunds. This seems like a good idea and it will save people time and fees they would have paid to a tax refund company.
But is it a good idea for everyone to file their tax returns themselves?
Has it become so easy that people with no tax knowledge can accurately file their returns?
The answer is yes and no.
“YES” for people would only have one or two types of income such as wages with PAYE deducted and interest income of less than $200, can easily file their tax returns. These people will only need a PTS return and this can also be done by the IRD automatically if requested.
“NO” anything more than the above will mostly require a IR3 return and this is where it gets a bit complicated and although some people might be able to complete this themselves there is a greater chance of mistakes being made.
Also, if you or your partner are receiving working for families’ payments we have found that its better if you can file both your returns and working for families together as this can expedite any working for families’ payments.
Thinking about your tax return?
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