Tax facts – Tax Credits (formerly Rebates)

Individually, rather than a company, you may be eligible for tax credits. Remember always to keep your receipts. Read below for more on eligibility and what you can claim on to receive your tax credits.

 

Firstly, tax credits can be claimed by individuals (not companies, trusts or partnerships) who:

1. Earned taxable income during the period being claimed for; and

2. Were in New Zealand at any time during the tax year (including non-residents).

 

You may qualify for a tax credit for:

1. Donations made of $5 or more to state and state integrated schools (note donations do not include tuition fees, payment for voluntary school activities, payments for classes where there is a take-home component or payments for transport to or from school activities

2. Donations made of $5 or more to an approved charity.

 

The tax credit able to be claimed is up to the lesser of 33.33% of the total donation or 33.33% of your taxable income and will require valid receipts.  Tax credits for payments for childcare or a housekeeper have been removed from 1 April 2012.

Click here for the latest version of the IRD 526 Tax Credit Claim Form, or if you claimed a tax credit in the prior year, the IRD will automatically send you a Tax Credit Claim Form in April each year.

This information relates solely to individuals and individual income tax. There are other tax credits which have been introduced. Please contact our office for more information on these, or visit the tax credits section of the IRD website.

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