Personal tax

[nissan]

Not sure what forum I should ask this question on .I am on the low rate of tax but my dividend from shares is taxed on the higher rate (33%)which means I have to apply to the IRD every year for a Tax refund .Is there any way that I can get it tax at source at my rate. Iam not a trader. Thanks

[couta1]

[QUOTE=nissan;471284]Not sure what forum I should ask this question on .I am on the low rate of tax but my dividend from shares is taxed on the higher rate (33%)which means I have to apply to the IRD every year for a Tax refund .Is there any way that I can get it tax at source at my rate. Iam not a trader. Thanks[/QUOTE Not really except for PIE investments which are taxed at 28% automatically,you don't have to apply,one phone call will do the business if you request a personal tax summary

[TimmyTP]

Not sure what forum I should ask this question on.
This one (http://www.sharetrader.co.nz/forumdisplay.php?22-The-Newbies-Corner-The-place-for-the-Newbies-to-ShareTrader) should do you.

[couta1]

Best moved off market otherwise we are going to do the big circle again re tax or not on trading etc etc

[iceman]

Contact Link Services and Computershare and ask them to update your details and select your appropriate tax rate. You can do it online, at least with Link Services.

[777]

Contact Link Services and Computershare and ask them to update your details and select your appropriate tax rate. You can do it online, at least with Link Services.

Tax rate does not apply to dividends , only fixed interest. All dividends are taxed at 33% and it is up to the tax payer to file a return.

Filing a return is no big deal in any case.

[777]

Yup, my experience is (and I'm a student so like you dont have a salary high enough to warrant 33% tax), if your income situation isn't particularly complicated, ie a primary source of income + dividends and interest on investments, then just collate all your investment details (dividends, RWT, imputation credits, interest etx) give the IRD a call and do it over the phone. Just make sure though you get everything sorted, cause from memory, once you've done it over the phone you can't go back and change anything.

Also, not sure if it applies to you but the "independent earners tax credit" can be a nice little source of tax rebate as well. If there is any chance it is relevant to you I would suggest you check it out.
https://www.ird.govt.nz/income-tax-individual/tax-credits/ietc/who-gets/


I would not trust someone on the phone at IRD to do my tax return correctly. Learn to do the return yourself, that way you know what is happening and will set you up for the rest of your tax paying life.

"independent earners tax credit" is now history.

[Harvey Specter]

All dividends are taxed at 33% and it is up to the tax payer to file a return.Dividends are taxed via a mixture of imputation credits (up to 28%) and RWT (the balance up to 33%).

You can not do anything to change the Imputation credits. You can however apply for a certificate of exemption from RWT to get the RWT rate reduced. I dont think you would qualify however just because of low primary earnings, though you could try it on:

http://www.ird.govt.nz/rwt/deducting/exemptions/rwt-exemptions-categories.html
http://www.ird.govt.nz/forms-guides/number/forms-400-499/ir451-form-app-exempt-rwt.html

[Harvey Specter]

Harvey is 777 correct on "independent earners tax credit" is now being history?NOte sure on that one as it is not something that concerns me. Quick google doesn't show anything up but your research skills may be better than mine.

[777]

Yup maybe correct, although IF you have a simple return (as I said) then my feeling is they are capable of doing that.

Can you provide me the info that says the independent earners tax credit now no longer exists please? I wasnt ware of that, cheers.

I retract that as I can also not find it. I had a feeling it was in last years budget but can't find it there either so perhaps it was just my imagination. My apologies for any confusion I created.

Back to my hole.