-
Originally Posted by 777
Give it an hour or so. I transferred some money to my account on Friday and it is yet to show up. Also March interest has not appeared yet.
Yes, they can be a bit slow on doing the morning sweep at times, March interest showing now for me at 9.30.
Last edited by couta1; 03-04-2017 at 09:31 AM.
-
Member
Originally Posted by couta1
Yes, they can be a bit slow on doing the morning sweep at times, March interest showing now for me at 9.30.
My interest was there just after 9.00 am.
-
The eternal outstanding payment
As an aside, way back in Oct 2012 I moved, by necessity, my mail service provider from Australia Post to PrivateBox (https://www.privatebox.co.nz/ - I heartily recommend them) in preparation of my move from Malaysia to Indonesia via the Philippines, Thailand & Taiwan.
Somewhere in all that a dividend cheque from Codan (ASX:CDA) went AWOL.
Every six months since then I get an automated reminder that I have not yet been paid this dividend and to contact the registry.
The registry and I gave up a long time ago trying to actually persuade the system to do either of
putting the money in a bank account of mine or
sending a cheque to any postal address which I have access to.
I just press the acknowledge button to make the reminder go away and wait another six months to press it again.
It has never been declared as income.
Best Wishes
Paper Tiger
Last edited by Snow Leopard; 03-04-2017 at 12:02 PM.
om mani peme hum
-
Member
I would suggest you check with the IRD. In this instance they'll tell you the same thing as a tax accountant and they're free.
Waikare was it a NZ dividend? Is there a dividend payment advice online at your registry dated 31/3? Has the RWT already been deducted in the payment advice dated 31/3?
Accounting on a cash basis is only accepted by the Commissioner if you are a wage or salary earner, a doctor or a lawyer. As per Section BD 3(4) of the ITA 2007 if a payment has been dealt with in your interest or on your behalf it must be recognised as derived income even if you have not personally received it. The company has paid the dividend the dividend advice is your registry dealing with it on your behalf. Arguably even on a cash basis it should be recognised on the dividend payment advice date.
As for Paper Tiger's example. It's not that clear cut. For example as per Ullrich v C of IR if you receive a cheque but you never present it to the bank you must still declare and pay tax on that cheque as derived income in the tax year the cheque is handed over. With an EFT payment I am unsure as to when the IRD considers the handing over to have happened is it upon sending or upon receipt?
Anyway if you really want peace of mind you can just check. The IRD aren't too bad to deal with.
Last edited by lawson; 03-04-2017 at 02:00 PM.
-
Originally Posted by waikare
When the share payment date is the 31/03/2017 but the funds are not deposited in to my bank account (ANZ Securities), in this case will probable be Monday 03/04/2017, which is after this tax year ending 31/03/2017. Are these dividends included in the tax return, ending 31/03/2017 or are they to be included in this years tax period ending 31/03/2018.
This bean counting hound won't give free tax advice on this forum for a wide range of reasons but I suggest you ask yourself these questions first
1. Does it really matter which year its included in especially if its fully imputed ?
2. Will that make a material difference to your income for the year, (materiality is defined as 5% increase or decrease in gross income) ?
3. Which year is it better for you to include this dividend in ?
4. Another interesting question is why are we tending to see an increased incidence of bank payments sometimes being delayed by up to two business days ?
5. Is there a trend developing in N.Z. where banks are hanging onto people's money longer than in previous years to boost their profit ? or is this just my cynical imagination at work ?
Sorry lot's more questions than answers, if all that's too much I suggest you stick to question 1 only
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
-
Can't say I have noticed the banks holding on to money at all. In fact with transfers between banks being done all day long you tend to get the use of the money earlier and not after midnight as it used to be.
In this case raised by waikare , he has his dividend paid into his broking account. I would guess we all use the same account number for our deposits when we transfer money to the broker and then they manually credit our personal broking account. This simply takes time,usaually by opening of market the next day, but you are credited with it on the actual day they receive it.
I am sure waikare will pop up shortly and tell us all is well.
Last edited by 777; 03-04-2017 at 06:10 PM.
-
Member
Originally Posted by Roger
This bean counting hound won't give free tax advice on this forum for a wide range of reasons but I suggest you ask yourself these questions first
1. Does it really matter which year its included in especially if its fully imputed ?
2. Will that make a material difference to your income for the year, (materiality is defined as 5% increase or decrease in gross income) ?
3. Which year is it better for you to include this dividend in ?
4. Another interesting question is why are we tending to see an increased incidence of bank payments sometimes being delayed by up to two business days ?
5. Is there a trend developing in N.Z. where banks are hanging onto people's money longer than in previous years to boost their profit ? or is this just my cynical imagination at work ?
Sorry lot's more questions than answers, if all that's too much I suggest you stick to question 1 only
First to answer in response to Lawson's query, earlier this morning I checked with the IRD, by email so I guess it may take few days before I get a ruling as I am sure there must be a rule in place for this situation. There are two dividends in one is Telstra which is not really a problem, as it's a DRP and the statement will read payable 31/03/17, (statement not received as yet) and the shares will probably be allocated on that day therefore should be included in the 16/17 year. The other is Steel & Tube which is cash the payment dated as the 31/03/17.
For me Roger it may matter as the income from STU may place me into the next tax bracket and I will miss out on reasonable tax refund, as I say it MAY MATTER, as I am very close reaching the limit at this point in time, but still have few more figures to come in yet.
Earlier in the year I transferred some holdings into my wife's name a she is also a Gold Card holder, so I would remain in the lower tax bracket, but appears I should have added a couple more, that would have given me bit of breathing space.
-
Longer than a few days in my experience waikare. I would refer you to question 3 then
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
-
Member
Originally Posted by Roger
Longer than a few days in my experience waikare. I would refer you to question 3 then
At this stage probably 2017/18 year, would keep me in my current tax bracket with a refund due.
-
Originally Posted by 777
Can't say I have noticed the banks holding on to money at all. In fact with transfers between banks being done all day long you tend to get the use of the money earlier and not after midnight as it used to be.
Business accounts make payments only during weekdays, which is bloody annoying. Get paid on a Friday after about 10pm from X bank to YOUR bank and you'll likely miss the settlement window until the first settlement on Monday morning. Anything paid to/from during the weekend also settles Monday. There's no technical reason that I can see for it, just greedy banks leveraging our money.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks