The number of overpayments caused by a faulty IR calculator may have been limited by the lucky situation that few overseas shares fell in value last year. Inland Revenue has removed an online tax calculator from its website after an investor discovered it had a flaw that could lead people to pay too much tax. The calculator is designed to help taxpayers who fall under the Fair Dividend Rate (FIF) tax regime as a result of having invested at least $50,000 in overseas shares, and who have bought or sold shares during the tax year. An Inland Revenue spokeswoman said the calculator was producing some incorrect results and apologised to any taxpayers who had been affected. The $50,000 qualifying figure for the FIF regime was “archaic” and it was probably time it was re-evaluated, she said.

Source: Stuff July 05, 2021 04:02 UTC