iRD new tax return system

[QOH]

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.

[Soolaimon]

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.

[couta1]

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

[blackcap]

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 I am guessing the RWT portion on shares would be captured by the new system but do not quote me on that.

[winner69]

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 I am guessing the RWT portion on shares would be captured by the new system but do not quote me on that.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

[Banksie]

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

[Banksie]

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.

[777]

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.

[couta1]

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%)

[777]

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.