Mmmh, I don't really understand the implications of this bit though:
* choose to include dividends received from a portfolio investment entity listed on the New Zealand Stock exchange, in order to claim imputation credits.
For those who pay tax at 17.5c or 10.5 c in the dollar it is advantageous to claim the imputation credit. If on 30c or 33c then it is not.
If I didnt claim my imputation credits against tax payable on my total income I would have a much larger tax bill(I'm on 33%)
But we are talking about PIE payments, not dividend payments. Final tax on PIE's is 28% so if you are on 30c or 33c then you would be nuts to increase the tax to 33c.
But we are talking about PIE payments, not dividend payments. Final tax on PIE's is 28% so if you are on 30c or 33c then you would be nuts to increase the tax to 33c.
Has anyone filled in their new tax return yet?
I found it much harder to follow when I got to imputation credits, got to the end but suspect I did it wrong.
I have filed mine and my wife as well. All our investments are in joint names. We have Interest, RWT, Dividends and Imputation credits and I also have a Partnership Income.
It has been relatively straight forward to fill in the forms and we have both received refunds already.
The donations refund is a lot easier now because you can enter online and attach a file instead of posting copied receipts. Another good thing is you can share your charitable receipts without having to enter them twice.
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."
Our joint holdings have so far been randomly allocated to one or other of us on the system. Does the system allow you to change that to split it equally when you file (or before or after)? The media reported a couple who had big troubles with that I thought.
The same happened with us so I filed individually and manually entered for us both but the donation refund allows you to allocate.
Originally Posted by simla
Our joint holdings have so far been randomly allocated to one or other of us on the system. Does the system allow you to change that to split it equally when you file (or before or after)? The media reported a couple who had big troubles with that I thought.
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."
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