Rob Stock recently spoke to MyTax.co.nz’s CEO, Lester Binns, in order to understand the level of tax refunds in the New Zealand market.
Rob Stock learned from Mr Binns that there are now around a quarter of a million more refunds issued to tax payers by number than before the successful online industry was born. Yet, despite rapid growth over the past few years, there remains to be further growth potential as there are still around a million people who are neither applying directly to the IRD to see if they are due a refund or using one of the many tax refund websites to do it for them.
In the article, Mr Binns offers insight into why he believes there is hesitancy in applying for tax refunds – a fear of “engaging with the taxman”. Additionally, a survey facilitated by MyTax.co.nz concluded that idleness plays a big part in tax refund decision making. When asked how long a refund would have taken had they had to fill it in themselves, 28% of the survey respondents said forever because they weren’t good at that kind of thing.