What if you could get a tax refund each time you got paid your wages/salary or super?
This might sound too good to be true but if you have a business, rental property or other investment that is generating losses, or you expect to make losses, then it's possible that this is something you can do using a special tax code.
The IR guide says you have until February 20 to make an application for a special tax code which gives you a specific rate at which your tax is deducted, however I have seen applications approved after this date also. Just make sure you're applying before the end of the financial year.
The application not only can reduce your rate of tax but can also be made for a 0 per cent tax rate if you can demonstrate the losses are greater than your income.
The special tax code will apply for a tax year from April 1, 2018 to the March 31, 2019 and needs to be applied for each year using the appropriate IRD form an IR23BS.