Annual Report 2006: Part two - Delivering on our outcomes
Other services
Refunds and rebates
This year we issued 46% of refunds by direct credit, compared to our target of 40%. 93% of GST refunds were issued within 15 working days of receipt.
We processed 424,885 rebate claims for donations, childcare and housekeeper costs17 and issued rebate claim refunds of $122.5 million. 92% of rebate claim refunds were issued within 3 weeks of receipt, and 99% within 8 weeks.
An audit may find that a taxpayer should actually receive a refund or a credit. This year we identified $48.4 million in audit identified tax refunds, compared to $46.8 million in 2004-05.
Unclaimed monies
Generally, money held in an account where there is no activity for six consecutive years becomes unclaimed money18. This year we repaid $1.1 million of unclaimed money to its rightful owners. In the same period we received $6.6 million from unclaimed money-holders for the Crown. Since we introduced a computer-based system in February 1992, we have received a total of $43.4 million of unclaimed monies and paid out $7.4 million.
17. Figures in this section relate to rebates processed during the year to 30 June 2006. This includes rebates for the 2005-06 tax year and all other years. Note that taxpayers have up to eight years to file rebate claims.
18. Unclaimed money falls into three broad groups-deposits of money, life assurance proceeds, and certain types of trade debts (including wages and unpresented cheques). A list of the names of people recently identified as being owed money under the Unclaimed Money Act 1971 is available on our website www.ird.govt.nz
Date published: 06 Nov 2006
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