This page has more information about these refunds and why we are now issuing them to customers.
Assessed aged credits are tax refunds or overpaid tax. They were refundable at the time they were assessed. The assessments or self-assessments are more than four years old.
There were many different reasons for this. Some of the common causes were:
As part of the upgrade of our online services we have reviewed older refunds.
We are now paying these credits to customers in line with our usual refund policy.
We'll add interest to the refund amount from the original date of the refund if the refund is for a tax year after 1997 and is over $100. You can check the interest rates here. We can't pay credit interest before 1998.
Refund cheques are issued when we do not hold a current bank account for the refund type. We can't send the refund to a bank account you're using for another purpose, for example, child support or student loans without your permission.
No. The refund you receive is not treated as income.
Our new computer system will automatically look for opportunities to refund credits to customers. As soon as all the required information is available we'll release the credit.
The easiest way to ensure we can refund credits to you is by keeping your contact details and bank account up-to-date. You can also do this through myIR Secure Online Services