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  1. #1
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    Default iRD new tax return system

    Trying to find out if this means IRD are going to work out our imputation credits when they send an assessment. i cant find it on IRD website.

  2. #2
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    Quote Originally Posted by QOH View Post
    Trying to find out if this means IRD are going to work out our imputation credits when they send an assessment. i cant find it on IRD website.
    Same here.
    Soolaimon

  3. #3
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    At this point it will only cover bank interest and term deposits not shares as far as I'm aware.

  4. #4
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    Quote Originally Posted by couta1 View Post
    At this point it will only cover bank interest and term deposits not shares as far as I'm aware.
    That is what I have been told too. I guess you will need to add the dividend and imputation amounts in your own IR. You can do that. That will adjust the amount of refund/to pay that you will receive. I am guessing the RWT portion on shares would be captured by the new system but do not quote me on that.

  5. #5
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    Quote Originally Posted by blackcap View Post
    That is what I have been told too. I guess you will need to add the dividend and imputation amounts in your own IR. You can do that. That will adjust the amount of refund/to pay that you will receive. I am guessing the RWT portion on shares would be captured by the new system but do not quote me on that.
    ....and your overseas income and your other income ....and all the other stuff
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  6. #6
    The Good Banksie's Avatar
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    This page probably has the most comprehensive list of who needs to complete an IR3.
    It says:

    You'll also need to file an IR3 return if you:
    [...]
    * have excess imputation credits brought forward from the previous year
    [...]
    Which I take to mean, I won't have to fill in an IR3 if I don't have an excess of credits.

    https://www.ird.govt.nz/income-tax-i...at-is-ir3.html

  7. #7
    The Good Banksie's Avatar
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    Quote Originally Posted by Banksie View Post
    Which I take to mean, I won't have to fill in an IR3 if I don't have an excess of credits.

    https://www.ird.govt.nz/income-tax-i...at-is-ir3.html
    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.

  8. #8
    ShareTrader Legend Beagle's Avatar
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    According to my agent account manager (had my annual visit from her quite recently) all institutions paying dividends and interest need to file that information monthly with the IRD with effect from 1 April 2019. Make of that what you will but I gather the system for automatically prepopulating all your investment income in my IR won't be state of the art until the 2020 income tax year.

    This first year of the IRD doing tax returns for some (predominantly wage and salary earners) taxpayers could be the proverbial "dog's breakfast"
    Self employed will still have to complete their financial statements and tax return(s) in the usual way.

    Their system is slated for a huge overhaul and update from this Friday 19th and the new system will apparently go live on 26 April 2019, all going well.
    No year ended 31 March 2019 returns will be processed before 26 April.

    If the IRD do assess a tax return for you automatically you will have the usual 2 month objection period. You should check anything they assess on your behalf very very carefully and see a good accountant if you have any queries.

    https://www.nzherald.co.nz/business/...ectid=12222350
    Last edited by Beagle; 15-04-2019 at 02:47 PM.
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  9. #9
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    Does anyone know how you claim on an income insurance policy under the new system??

  10. #10
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    Somewhere I heard that if you file an IR3 now then you will continue to do so. So you will just start with one they pre populate and then include anything that has not. Much the same as now.

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