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This page has more information about these refunds and why we are now issuing them to customers.
What is an assessed aged credit?
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.
Why didn't I get the refund at the time it was due?
There were many different reasons for this. Some of the common causes were:
- some refunds were sent out and came back to us by return mail
- cheques were not cashed
- we did not have valid addresses or contact details for the affected customers.
Why are you paying these back now?
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.
Will I get interest on the refund?
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.
Why have I received a cheque and not been refunded straight into my bank account?
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.
Will the refund affect my Working for Families entitlement, benefit or Work and Income supplements?
No. The refund you receive is not treated as income.
How do we know this won't happen again?
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.
How can I make sure I get any credits I'm owed?
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