iRD new tax return system

[Grimy]

I have looked at what they had pre-populated on my IR3 form, but haven't completed/altered it yet.
I did see that one investment only had two quarters of income and tax listed, and on a couple the tax seemed way off for the income.
I've emailed to make sure they are not going to be making any changes to what's there before I jump in and add my adjustments, etc.

[Grimy]

Considering they aren't putting in the divies and imputation credits this year, it seemed surprising that when I went into last years return, all the companies that had paid me dividends were listed with the correct income and tax - considering I only put in totals - no individual companies.
If they have been able to do that, I don't know why all the income/tax/credits for dividends aren't automatically pre-populated this year.

[777]

I think there is a undisclosed threshold beyond which refunds are NOT paid automatically. I had it on a few occasions that I waited
and waited for my due refund. When I finally rang up the IRD I got put onto someone who went through my tax return over the
phone line by line with me until it was all ticked off. I got my refund a few days after that. So smaller refunds (< 2k maybe??) may
be automatic, but for bigger ones some extra verification might be required to get the money released.
N.B. nobody advised me that I had to do that, they just let me hang there until I picked up the phone!

Mine was $5,000 plus and arrived within 48hrs.

[glennj]

I did my own personal tax return via the re jigged web site. I also noted some info was "pre populated" but it was incomplete so I used my own summaries. My refund was a bit over $4000 and it took about 24hrs before it was in my bank account.
Thought I may be contacted re proof of some things e.g. overseas tax paid but that did not happen. Overall the new site was better than expected and easy to use though I do remember thinking one of the fields instructions was poorly phrased. My more complex business tax return is done by my accountant.

[waikare]

Ensure it is not just sitting as a draft.

Checked that out a few days after completing it, under Status it shows Processed 21/05/19, have also emailed them on Monday, them, but a response can take up to 15 working days.

I'll give it a couple days then test my patience by trying to phone them.

[bull....]

I helped with some testing on there new system at the start of the yr using my trading A/C and imputations did not work then properly when i did a mock return ( it calc imputations incorrectly and the carry forward didnt work) , neither did the prov tax options and a few other things.

[artemis]

I think there is a undisclosed threshold beyond which refunds are NOT paid automatically. I had it on a few occasions that I waited
and waited for my due refund. When I finally rang up the IRD I got put onto someone who went through my tax return over the
phone line by line with me until it was all ticked off. I got my refund a few days after that. So smaller refunds (< 2k maybe??) may
be automatic, but for bigger ones some extra verification might be required to get the money released.
N.B. nobody advised me that I had to do that, they just let me hang there until I picked up the phone!

Same thing happened to me last year, line by line over the phone then I had to figure out where the issue was as the call centre person declined to say. I decided in the end it was to do with net rents, being negative, sent in all the detail and refund was processed very quickly.

Under the new system it is a real pain doing IR3Rs (for rentals) as there is nowhere to put the address, either on the Rental Income page or the Depreciation page. I did a workaround by using one of the text fields but it does seem to be a weird oversight.

[Aaron]

T
Which I take to mean, I won't have to fill in an IR3 if I don't have an excess of credits.

Like losses from previous years, excess imputation credits can't be refunded but can be carried forward to future years to offset future income. If you don't file an IR3 your excess imputation credits will probably be lost.

For example if your only income for a year was a $10,000 fully imputed dividend you would have $2,800.00 imputation credits and $500.00 Dividend withholding tax(DWT). At $10,000 your tax rate is 10.5% so the tax of $1,050 is offset by $1,050 imp crs with the $1,750 excess credits carried forward to offset future years income and $500 of DWT will be refunded.

You would need to file the an IR3 for the next financial year to use your $1,750 excess credits.

Although you have probably already worked that out.

I have an issue with PIE funds. If your PIR rate is too high you don't get the overpaid tax back but if it is too low IRD require you to include the PIE income in your return and pay the shortfall. Although as discussed in this thread this does not apply to Portfolio Listed Entities (PLEs or listed PIEs) as you have the option to include the imputed income.PIEs I guess are really best as a 5% tax saving on investment income for people on the top 33% tax rate.

[Grimy]

I've just received a reply from IRD to my question.

"Thank you for your secure mail dated 21 May 2019, which asks whether there will be any further information added at our end.

The pre-populated fields covers sources of income (reportable income) that Inland Revenue receives information on by way of third party reporting, during, or shortly after the end of, the year. This includes all PAYE payments and resident and non-resident passive income (interest and dividend). To the extent that it has not been reported by a third party, the information in the pre-populated fields will be incomplete. We will not be changing any of the pre-populated amounts

Where the information is incomplete or incorrect, could you please amend the pre-populated fields to show the correct amount or add to the fields to include income and credits which are not pre-populated."

[waikare]

I completed the wife and myself last Monday the 20th, all other income except dividends (Aust / NZ) was already on file, the wife received her return the next day, received the claimed amount of $700 odd, I claimed $3100, and still waiting a week later. Other years it has been around similar sum, and it has turned up in my account within a few days.

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.