Families miss rebate

Press, 30 October 1981, Page 3

Families miss rebate

Wellington reporter Many thousands of New Zealand families are missing a tax rebate to which they are entitled but for which they have not applied. First-home owners are eligible for a rebate on first home mortgage interest of up- to $19.23 a week. The Minister in charge of the Inland Revenue Department (Mr Templeton) said yesterday that up to 100,000 families probably qualified for the rebate but thousands had not applied. “People may not be aware that they can get the rebate weekly and not wait until the end of the tax year. They can

get this money in the hand by simply filling in an application for a special tax code," he said. “I am sure there are many young families who qualify and who could do with that little extra each week." he said. Mr Temppieton said that local tax offices were advertising for first-home owners to come forward, because the rebate was not automatic. “It is well worth applying for. It is not every day you can go into the tax office and come out financially better off,” he said. The rebate is equal to half

the mortgage interest paid up to $lOOO from April 1, 1981. It applies to those who own and occupy as their main dwelling a first home bought on or after April 1, 1976. The rebate will generally apply for the first five complete years of ownership. It does not apply if the owner, or owners, have owned or held more than a minor interest in a previous home either in New Zealand or overseas. Nor does it apply to any mortgage raised for any purpose other than to acquire or refinance a first home.