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Learn: Tax Basics

 

Taxes: the basics

 
 
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Tax refunds basically mean that you paid more tax than you needed to in the past year. You could be eligible for a tax refund if: you earned less than 48,000, worked part time or multiple jobs, or had an extended break in the last tax year.

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Nope! It’s not compulsory for everyone to fill out a tax return, but you do run the risk of not getting back any money you may have overpaid. It’s really up to you if you want to get do the (not-so-)taxing job and get into the Tax Return spirit.

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All you have to do is sign up to myIR to help you calculate and find out if you’re due a tax refund. Request a personal tax summary (PTS) via myIR to find out how much you might have overpaid. If it shows you have overpaid then you can go ahead and request a refund. However, if it shows you've underpaid, you will be liable to pay the balance.

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Not everyone will get a tax refund - but if you know you will be receiving one, you’ll get your refund within 5 days of confirming and submitting your PTS.