Making progress, below is the reply I received earlier tonight from the IRD.
We received your Income tax return on the 20 May 2019 and it is being processed.
Income tax returns are processed within 10 weeks of when we receive them. Most are processed before this (80% of returns are processed within 6 weeks).
You will notified once the return has been processed.
Here's a helpful reply from the IRD which may be beneficial to members
Thank you for your message received regarding Donation Tax Credit receipts.
When filing donation receipt/s under your rebate account and you have requested to split the amount by completing the split section, you won't need
to complete a separate claim for your spouse, as the system will automatically process this due to the split request completed. What you are both
sharing/splitting will show equally on both of your account.
A quote attributed to Margaret Thatcher goes along the lines of "The problem with socialism is that eventually you run out of other people's money."
IRD changes spelt out on Stuff today, including this -
'Another significant change is that Inland Revenue will begin receiving monthly statements from organisations that pay dividends to taxpayers, instead of only receiving dividend information at the end of the tax year.That should mean smaller end-of-year tax bills or refunds for people with investment income, James said.'
IRD changes spelt out on Stuff today, including this -
'Another significant change is that Inland Revenue will begin receiving monthly statements from organisations that pay dividends to taxpayers, instead of only receiving dividend information at the end of the tax year.That should mean smaller end-of-year tax bills or refunds for people with investment income, James said.'
Shareholders get alarmed at how much divvy income they are getting and switch from taxed dividends to untaxed growth? Heh, only partly joking. Otherwise, who knows.
Good question. It should change nothing. Maybe then people that do not report divvy income will be caught by the net? But that would mean more tax is paid.
Maybe it means that the IRD can get onto employees in real time about potential tax codes that need to be changed? That would be my guess. Otherwise I am stumped.
Yes, I think it is to be able to advise whether you are on the correct tax rate.
I have had communication from IRD saying I need to check I am on the correct tax rate for my investments, and my wife the same for her tax rate due to an increase in salary and investment income pushing her towards the next bracket (or incorrect secondary tax status- it was a few months back).
They certainly seem to be being more pro-active, instead of leaving it for a big clean up at the end of the tax year.
Thanks, blackcap and Grimy for these explanations. Personally, I've been happy to overpay tax to avoid becoming entangled again in the provisional tax regime.
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