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Refunds in AIM

How would you like to use your refund?

If a business does want to receive a refund, a process similar to the current GST refund process could be adopted, with a quick turnaround time. Having overpaid tax refunded (without significant use of money interest risk) is a significant advantage over other provisional tax options.

A business would be given the option of not receiving a refund. Where they would need to pay these amounts back to Inland Revenue in the following period, a business might choose not to take the short-term refund and carry it forward or choose to apply it against a GST liability.

Are you more likely to take the overpayment in a cash return or transfer to a GST liability?

Comments

Deanne
I would usually transfer the refund to the next period - this should include being able to transfer to the next provisional tax instalment too.

Do you agree with this comment?

  • agree11
  • disagree2
2 months ago
Amanda Inskeep
I agree. It would be good to have the ability to transfer any credits to other tax types and periods.

Do you agree with this comment?

  • agree4
  • disagree1
2 months ago
Julian Inch
I agree. I would usually transfer the refund to the next period - this should include being able to transfer to the next provisional tax instalment too.

Do you agree with this comment?

  • agree6
  • disagree2
2 months ago
Dale
This should be optional as you go.

Do you agree with this comment?

  • agree5
  • disagree2
2 months ago
Paul Dunmore
I would probably carry it forward.

Do you agree with this comment?

  • agree4
  • disagree2
2 months ago
A Middleton
transfer

Do you agree with this comment?

  • agree2
  • disagree2
2 months ago
Marcel Driessens
refund

Do you agree with this comment?

  • agree3
  • disagree2
2 months ago
Charles Brink
More likely to transfer any refund to a GST liability

Do you agree with this comment?

  • agree3
  • disagree1
2 months ago
Michael Leo Karl
That is fair as if it is overpaid it still belongs to the taxpayer, it is their option to leave it in or get a refund to limit the overdraft facility

Do you agree with this comment?

  • agree1
  • disagree2
2 months ago
Neil McCullum
Have it like a bank account ledger

Do you agree with this comment?

  • agree1
  • disagree2
2 months ago
Margaret Baker
Hi Again you are adding complexity to this problem. Transfering to another account is fine but if you hold funds for a client it should be at a reasonable rate since effectively they are paying early under this new system.

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
stephanie
Optional transfer or refund

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  • agree2
  • disagree2
1 month ago
Sue Williams
More likely to take the overpayment in cash

Do you agree with this comment?

  • agree1
  • disagree1
1 month ago
Ross Williamson
Cash return.

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
Simon Monks
Should be optional at each payment

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
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