What is tax return and how does it work?

Question

What is tax return? I have a job - started a month ago and i hear people here and there talk about it but I have no idea what it is.

m 15 years old living in New Zealand and i get tax deducted from my pay but I thought it goes to the government - do you get it back? Can someone please tell me what is a tax-return,

how to get it, the reason/purpose of it and when do we get it?

thanks

Answer 1

Tax return :

"Tax return" refers to a document which can be filed with a government body declaring liability for taxation.

In New Zealand, individuals and taxpaying entities with taxable income might need to lodge different returns with the New Zealand Taxation Office in respect of various forms of taxation.

The tax year runs from 1 July to 30 Jun in New Zealand. Individual tax returns are generally due 31 October but this timeframe is extended where an individual uses a Registered Tax Agent, who operates on an extended lodgement system.

It has been estimated that almost 80% of New Zealand taxpayers use a Tax Agent to help them prepare their tax return. This is seen to be reflective of the perceived complexity of the taxation system in New Zealand.

Each year, the New Zealand Taxation Office publishes TaxPack, a free document designed to help individuals complete their return. TaxPack is available free from most newsagents and can also be downloaded.

New Zealand individual taxpayers can also lodge their return online with the Tax Office's e-tax software or through a Registered online Tax Agent.