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Posted by on Sep 4, 2017 in Finance | 0 comments

When and how to apply for a tax rebate

When and how to apply for a tax rebate

 

Every adult pays taxes and is familiar with this procedure. Generally, your employer takes care of this aspect and deducts the tax directly from your pay. We know that the Government uses the money for important purposes including health, defense, education, road and railways, which means that we can consider it an “investment” beneficial for our needs as citizens of a country. The amount of money every person must pay depends on certain factors like the financial status, which includes your income, your savings and the properties you own. If you neglect your duty and you do not pay your taxes on time, you will receive penalties meaning that more money will add and you will find it more difficult to escape this vicious process. If you want to prevent this type of situation, you must pay attention at the due date. In case you are not able to pay the bill in time, you have the possibility to file a return as soon as you get the chance. These are basic information that everyone must acquire but did you know that you could claim a tax rebate?

Are you eligible for a tax rebate?

Before you proceed and apply for a tax rebate, you have to discover if you are a good candidate. You must inform yourself and pay attention to various important conditions. First, you have to calculate your income and the taxes you paid in the last year because the result will help you establish if you can make a claim. Secondly, you have to take into account several aspects that make you eligible, such as if you are a student that works at the same time in order to support himself, if you work part time or if your earnings are very low. These are fundamental reasons that give you the right to apply for a tax rebate.

When can you apply for a tax rebate?

After you found out what makes you eligible for a tax rebate, you probably wonder when you can take action. It is your right to have your taxes reduces when you find yourself in the following situations: if you recently became unemployed, if your job requires using part of your income for equipment or fuel, if you receive your income from another country or if you are on sick leave without payment. As soon as you experience one of the situations mentioned, you can immediately decide if you wish to apply for a tax rebate.

How to apply for a tax rebate

If you want to apply for a tax rebate, you need information about what happens next meaning the process and the steps involved.  As an unemployed person, you have the possibility to apply immediately or after several weeks, depending on certain factors. For instance, if you beneficiate from another way to support yourself during the unemployment, you can apply for a tax rebate after eight weeks. As a result, you will receive a cheque or if you are on sick leave, you will receive the money as soon as you return to work.