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Requesting a refund

A refund can be requested for part or all of a deposit. Generally a refund cannot be made if the deposit has been in the scheme for less than 12 months.

To request a refund, simply send a completed Income equalisation deposit/refund form (IR155) or a letter to:

Inland Revenue
PO Box 39010
Wellington

The letter must state:

  • the name and IRD number in which the deposit is held
  • the amount to be refunded
  • the income year in which the refund is to be assessable
  • your name and contact phone number, and
  • the reason for the refund if the request is for an early refund.

Tax credits

In the tax year a deposit is made your taxable income is reduced by the amount deposited which reduces the amount of tax payable.  In the tax year an application for refund is made, the amount is included as income and increases your tax payable. You can claim a tax credit in the tax year an application for a refund has been made if the amount of tax calculated to pay is higher than you would have been liable for on the original amount deposited.