Faster GST refunds

From February 2017, New Zealand businesses will have faster access to GST refunds after a change made to tax rules.

The Minister of Revenue Michael Woodhouse has announced GST refunds will be available to the taxpayer in just two days by direct credit. The Tax Administration (Direct Credit of GST Refunds) Order 2016 will make it compulsory for Inland Revenue to provide GST refunds by direct credit to a taxpayer’s identified account.

The current process uses a cheque from Inland Revenue which takes an average of 10 days to become available.

The change comes as a result of extensive public consultation in November 2015, which sought feedback on how digital technology might be used to provide more streamlined PAYE and GST processes for taxpayers.