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Tax refunds could inject $1 billion into economy - WooHoo

Contributor:
Fuseworks Media
Fuseworks Media
Tax refunds could inject $1 billion into economy - WooHoo

The 2015 tax refund season has now kicked off, with the national economy set to receive a cash injection as people spend their payouts, according to New Zealand’s leading tax refund company WooHoo - NZ Tax Refunds.

Cilla Hegarty, CEO of WooHoo, said the company has now begun paying tax refunds to its customers. "Thousands of people around the country are now enjoying WooHoo moments as they receive their overpaid tax back into their bank accounts. If all these people decide to go out and treat themselves, it will be of huge benefit to towns and cities all around New Zealand."

Estimates by WooHoo, shown in the table below, indicate that if all the employed people in these regions claimed the overpaid tax that may be owing to them, over $1 billion could be injected into the economy. This could include over $340 million into the Auckland region alone.

Region / Number of employed people (source: StatsNZ, March 2015) / Possible regional tax refund total $-

Northland / 73,500 / 31,443,300

Auckland region / 796,900 / 340,913,820

Waikato / 221,400 / 94,714,920

Bay of Plenty / 139,400 / 59,635,320

Gisborne/Hawke’s Bay / 98,900 / 42,309,420

Taranaki / 60,000 / 25,668,000

Manawatu-Wanganui / 107,800 / 46,116,840

Wellington region / 265,800 / 113,709,240

Tasman/Nelson/Marl/West Coast / 90,800 / 38,844,240

Canterbury / 330,100 / 141,216,780

Otago / 121,600 / 52,020,480

Southland / 54,600 / 23,357,880

TOTAL / 2,360,800 / 1,009,950,240

-Unaudited calculation made by multiplying the number of people employed by 0.93 (the percentage of WooHoo’s customers who have overpaid their tax in the past five years) x $460 (the average refund received by WooHoo’s customers).

Mrs Hegarty said it was a shame that so many people in New Zealand don’t claim the overpaid tax that may be owed to them.

"93% of our customers have overpaid their taxes in the past five years. If everyone got what was owing to them, there could be major benefits flowing through to local economies. It always amazes me that so many people just do not check if they’re owed a refund, as there is literally millions of dollars of overpaid tax waiting to be claimed."

WooHoo again among the first to pay

WooHoo - NZ Tax Refunds’ customers are once again among the first in the country to receive their tax refunds into their bank accounts.

Chris Cameron, WooHoo’s Chief Marketing Officer, said the company’s industry-leading website and mobile app allows tax refund requests to be processed in real time and paid out quickly.

"In response to customer demands, we have invested heavily in technology which allows us to provide excellent customer service and be among the first to get our customers their money back," Cameron said.

WooHoo’s commitment to providing excellent customer experiences has recently been recognised by Consumer NZ, with the organisation awarding WooHoo its ‘Consumer Trusted’ status. WooHoo is the first tax refund company to achieve this status.

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