LARGE ENTERPRISES UPDATE Inland Revenue s corporate update
|
|
- Victoria Woods
- 5 years ago
- Views:
Transcription
1 LARGE ENTERPRISES UPDATE Inland Revenue s corporate update Issue No 19 May 2012 IR 785 Deducting ESCT from your employer cash contributions From 1 April, you must deduct ESCT (employer superannuation contribution tax) from any employer cash contributions you make to your employees KiwiSaver schemes, complying funds or other superannuation funds. Depending on your employees employment agreements you can deduct ESCT from either the gross or the net employer cash contributions. The employment agreement you have with your employees will determine whether you can deduct ESCT from your employer cash contributions or deduct it on top of your employer cash contributions. In most cases you ll be able to deduct ESCT from your employer cash contributions. There are two ways to calculate ESCT using your employee s ESCT rate. You can calculate ESCT from the: 1. gross employer cash contribution if you re deducting ESCT from your employer cash contributions 2. net employer cash contribution if you re deducting ESCT on top of your employer cash contributions. Remember, you need to calculate ESCT using the ESCT rate unless your employee has asked (and you ve agreed) to include your employer cash contributions with their salary or wages and then deduct PAYE from the total. The ESCT rates are given below. Income range ESCT rate $0 $16, % $16,801 $57, % $57,601 $84,000 30% $84,001 and over 33% For more information about the changes to ESCT see (keywords: Budget 2011). You can also go to (keywords: PAYE calculator) to calculate the net or gross salary or wage details. Calculating ESCT from the gross employer cash contribution To calculate ESCT from the gross amount you need to: 1. calculate your KiwiSaver scheme, complying fund or superannuation scheme employer cash contribution 2. deduct ESCT from your employer cash contribution. You need to round your employer cash contribution down to the nearest whole dollar. (continued on next page) Welcome to Large Enterprises Update In this issue: Deducting ESCT from your employer cash contributions, tips for GST and EDF, get faster refunds with direct credit to your bank, leaky buildings and GST, important information for investors in Guinness Peat Group plc, student loan changes from 1 April 2012, filing the correct FBT return, tax treatment of shares following Telecom demerger, calculating voting interests for companies, interest calculation error for some non-resident companies, changes to the livestock valuation election rules, due date falling on weekend or public holiday. If you have any suggestions for topics you d like covered in this newsletter, us at LargeEnterprises.Update@ird.govt.nz REMINDERS 7 May: GST returns and payments are due for March 2012 period. Note Box 9 on the return can only be a debit entry and box 13 a credit entry. 31 May due date for: FBT IR 420 for quarter ending 31 March 2012 and annual IR 422 and payment IPS IR 15S and certificates RWT IR 17S and certificates NRWT IR 67S and certificates. 30 June: Annual reconciliation return (IR 853) and Investor certificates (IR 854) due for portfolio investment entities (PIEs) with an early or 31 March balance date. As this is a weekend you have until Monday 2 July to file. 1
2 (continued from previous page) Example Rachel is an employee of Red Bottle Ltd and is a KiwiSaver member. Her employment agreement includes Red Bottle Ltd making a gross 2% employer cash contribution to her KiwiSaver scheme. Rachel is paid $660 a week. She uses the M tax code and doesn t have a student loan or pay child support. Rachel s yearly income is $34,320. This is between $16,801 and $57,600 so her ESCT rate is 17.5%. Rachel s wage details Gross KiwiSaver employer cash contribution (2% of $660) Less 17.5% ($ %) The total ESCT for all employees for the month goes on your IR 345. Net KiwiSaver employer cash contribution This goes on your IR 348 with Rachel s other wage details for the month. $13.20 $2.27 $10.93 Calculating ESCT from the net employer cash contribution If you want the total employer cash contribution paid into your employee s KiwiSaver scheme you will need to gross-up the employer cash contribution to calculate the ESCT amount payable. To calculate ESCT from the net employer cash contribution you need to: 1. work out your employer contribution and the ESCT rate for your employee 2. calculate ESCT using the formula: ESCT = a (1 a) b, where a = ESCT rate and b = employer contribution. You need to round your employer cash contribution down to the nearest whole dollar. Example If Rachel s employment agreement included a net employer cash contribution of $13.20 per pay to her KiwiSaver scheme, Red Bottle Ltd would need to calculate how much ESCT to pay on top of its employer cash contribution. Rachel s wage details Net KiwiSaver employer cash contribution $13.20 This goes on your IR 348 with Rachel s other wage details for the month. ESCT rate 17.5% ESCT = 17.5% (1 17.5%) $13.00 = = $2.75 The total ESCT for all employees for the month goes on your IR 345. Gross KiwiSaver employer cash contribution $15.95 Tips for GST and EDF (employer deduction form) The following tips may save you some time when filing your GST and EDF. GST refunds You don t need to send invoices or supporting documents with your GST refund requests. If you re filing online, please use the drop-down box to give us additional details. We ll request further details from you if we need them. Employer deduction forms If you re required to send employer deductions on a twice monthly basis, please ensure each IR 345/EDF has the correct figures. The first IR 345/EDF covers the first 15 days of the month and is due by the 20th of the same month. The second one is for the 16th to the last day of the month and is due by the 5th of the following month. A common mistake is putting the same figure from your EMS on your second EDF. This means you will return the full not the second half of the month s deductions, which then creates payment allocation and account balance problems. Get faster refunds with direct credit to your bank Did you know you can get your refund faster if you direct credit to your bank account rather than waiting for us to post you a cheque? To set this up, send us your completed Direct credit authorisation (IR 587) form. You can complete the form online then print, sign and post it to us (the address details are on the form). You can also or fax these details to your account manager if you have one. You ll find the IR 587 at under Forms and guides. When we receive your completed form we ll update your bank account to the tax types you ve requested. If you only have one bank account we suggest you tick the box for All. Remember to tell us if your bank account details change, so you always get refunds you re entitled to. If you receive an incorrect refund you have 15 days to return it to us. Please repay the exact amount to the correct tax type and period it came from and phone us on , or call your account manager, so corrective action can be taken. LARGE ENTERPRISES UPDATE Issue No 19 May
3 Leaky buildings and GST We ve been asked about the GST treatment of compensation payments received for a leaky building. Our Tax Information Bulletin Vol 14, No 10 (October 2002) explains the basic principles that govern compensatory damages and the GST treatment of any payments awarded. Leaky building compensation payments aren t subject to GST and the payer isn t entitled to an input tax credit. They are GST neutral. This also applies to out-of-court settlements for compensation on a leaky building. Read the full interpretation statement IS3387 GST treatment of court awards and out of court settlements at (keyword: IS3387). Important information for investors in Guinness Peat Group plc From the beginning of the income year (generally 1 April), the tax treatment of shares held in Guinness Peat Group plc may change. Portfolio investments in offshore companies (including foreign unit trusts, superannuation schemes and life insurance policies) are generally taxed under the foreign investment fund (FIF) rules. However, there are some exceptions to these rules. One of these exceptions is a five-year temporary exemption for investments in offshore companies with a significant New Zealand shareholder base. This exemption was introduced with the new FIF rules in 2007 to allow time for companies to consider moving their place of incorporation to New Zealand in line with the controlled foreign company rules. The only company that met the relevant criteria was Guinness Peat Group plc. This five-year exemption will expire at the beginning of the income year, which may mean shares in Guinness Peat Group plc will be taxed under the FIF rules. This will be the case if all the shares you have in offshore companies (including Guinness Peat Group plc) had an original cost of more than $50,000, or the holder isn t a natural person or a trustee of an eligible trust. The ways to calculate your income under the FIF rules are described at (keywords: FIF calculation). If the cost of shares in offshore companies was less than $50,000 and the holder is a natural person or a trustee of an eligible trust, the tax treatment of these shares won t change. Note: The cost or amount of a share can be modified in certain circumstances for the purposes of determining whether you meet the $50,000 threshold. This is explained at (keywords: FIF glossary). Student loan changes from 1 April 2012 Changes to student loans from 1 April 2012 will help improve the way student loans are managed, repaid and administered. Adding SL to the tax code From 1 April 2012, all student loan borrowers must add SL to their tax code if they have a student loan, unless they have a repayment deduction exemption or use a CAE, EDW or WT tax code. Pay-period repayment obligations Employers will still make student loan deductions from their employee s pay when they earn over the pay-period repayment threshold, currently $367 weekly. However, from 1 April 2012 these repayments are now considered as meeting the borrower s repayment obligation for that pay period, unless there s a significant over- or under-deduction. Employers must ensure their deductions are correct and properly identified on their employer monthly schedule (EMS). Significant under-deductions If the correct student loan deductions aren t made on an employee s salary or wage, they may be paying significantly under what they re required to pay. We may contact both the employee and the employer and ask for compulsory additional deductions on top of the standard deductions to recover the amount. This needs to be identified separately on the EMS using the new SLCIR repayment code. Repayment exemption for full-time students An employee may not have to make student loan repayments if they re studying full-time and expect to earn less than $19,084 (the annual repayment threshold) in the tax year. They will need to give their employer a certificate authorising their repayment deduction exemption. They won t have to use an SL repayment code and have student loan deductions while they have this. When the exemption ends, the employer must add back SL to their employee s tax code. This will ensure the correct student loan deductions are made without significant under- or over-deductions. Reduced deductions for secondary earnings There are new rules for getting a special rate for student loan deductions. If an employee gives the employer a special deduction rate certificate, student loan deductions must be made at the rate specified for the period stated. Additional repayments through salary or wages Employers who are asked to, or already make, voluntary extra student loan deductions by their employee, must identify this extra deduction on the EMS separately using the new SLBOR repayment code. We recognise these voluntary extra deductions when processing the EMS and will include them in the employee s voluntary repayment bonus calculation. For more information on what student loan changes mean for employers, go to (keyword: tax codes payroll). LARGE ENTERPRISES UPDATE Issue No 19 May
4 Filing the correct FBT return If you re responsible for filing multiple FBT returns it may be a good time to check that the correct return is being prepared. If your organisation is an employer (this includes companies) you could file quarterly, annually or for the income year. For quarterly filers a Fringe benefit tax quarterly return (IR 420) must be completed unless you re a company with shareholder-employees or you ve elected to file your FBT annually. Filing due dates for quarterly returns are shown below. Quarter Period Return due 1st 1 April to 30 June 20 July 2nd 1 July to 30 September 20 October 3rd 1 October to 31 December 20 January Final 1 January to 31 March 31 May If you file annually for the period 1 April to 31 March each year, then complete the Fringe benefit ordinary employee annual tax return (IR 422). To file by income year, companies with shareholderemployees should file a Fringe benefit shareholder/ employee income year return (IR 421). To be eligible for income or annual returns your annual gross PAYE plus ESCT must be less than $500,000 for yourself or your group if the group provisions apply. Filing an incorrect return may delay processing and unnecessary letters may be sent to you. If you re not sure which return to file, please call us on We can then tell you which return to use, when it s due and, if necessary, issue a return. Elections to change your filing type must be made by 30 June 2012 for the year ended 31 March We can t accept late elections. If you d like to change the basis on which you file and pay FBT, please complete the online Fringe benefit tax election form at (keywords: FBT election), or send us a letter or secure . Please note the quarterly option is not available online. If you have the DLN number (the 14-character number computer-printed at the top of the page) from your paper return you can complete these forms online using our efbt service. If you don t have the DLN number call us on The online forms can be found at Get it done online (look for Fringe benefit tax (FBT) ). The FBT income year return and payment are due each year on 7 April for clients of agents with a 31 March balance date (or 7 February if you don t have an agent). The income year return and payment are aligned with your balance date and are due when your end-of-year income tax is payable. For annual return filers the return and payment are due on 31 May each year. Tax treatment of shares following Telecom demerger We ve been asked to provide information about the market values of Telecom and Chorus shares to be used in the formula to calculate the price a person will be treated as having paid for the shares following the Telecom demerger. The demerger resulted in Telecom shareholders receiving one Chorus share for every five Telecom shares held at the date of the demerger. The percentage portion of Telecom shares to Chorus shares immediately following the demerger was 75.17% to 24.83%. Product Ruling BR Prd 11/05 published in Tax Information Bulletin Vol 23, No 9 (November 2011), sets out the statutory formula calculating the amount a holder of Telecom shares will be treated as having paid for the Telecom and Chorus shares following the demerger of Telecom: pre-calculation amount paid individual MV combined MV The pre-calculation amount paid is the amount of a person s expenditure or loss incurred in acquiring their Telecom shares held at the date of the demerger. The individual MV (market value) for Telecom shares is calculated as the number of Telecom shares on issue times the volume-weighted average price: 1,925,409,580 $ = $3,825,788,835 The individual MV for Chorus is calculated as the number of Chorus shares on issue times the volumeweighted average price: 385,082,123 $ = $1,263,685,495 The combined MV is: $3,825,788,835 + $1,263,685,495 = $5,089,474,330 The price that a person will be treated as having paid for Telecom shares will be: pre-calculation amount paid 3,825,788,835 5,089,474,330 This simplifies to pre-calculation amount paid The price that a person will be treated as having paid for Chorus shares will be: pre-calculation amount paid 1,263,685,495 5,089,474,330 This simplifies to pre-calculation amount paid For example, if a person paid $600 for Telecom shares purchased before the demerger, they ll be treated as having paid the following amounts for the original Telecom shares and the Chorus shares acquired on the demerger. For the original Telecom shares: $ = $ For the Chorus shares acquired: $ = $ LARGE ENTERPRISES UPDATE Issue No 19 May
5 Calculating voting interests for companies Many large enterprises company clients have several classes of equity on issue. We ve found that some clients with different classes of equity may miscalculate the voting interests of shareholders. Voting interests need to be calculated in a variety of circumstances, such as when: checking whether losses or imputation credits can be carried forward establishing whether two companies are associated. Broadly, a shareholder s voting interest is measured as their share of the shareholder decision-making rights in a company. Shareholder decision-making rights mean a right to vote on four issues: 1. Dividends 2. Constitution of the company 3. Variation in capital of the company 4. Appointment of a director. The right to receive dividends attached to shares doesn t constitute shareholder decision-making rights on dividends. The holder of the shares must have the right to vote on matters related to dividends. The basic formula for calculating a shareholder s voting interest is: Voting interest = % dividend + % constitution + % capital + % director The formula averages out the rights to vote on the four matters. If no voting rights exist for a particular matter the formula is adjusted to remove that item from the averaging. For example, if no shareholder in the company had the right to vote on dividend matters the formula would be: Voting interest = % constitution + % capital + % director Typical mistakes companies make when calculating voting interests include: assuming all equity classes carry equal voting rights failing to include extra rights that a particular class of equity might have. For example, a particular class of equity might give the holder 50% of the shareholder decision-making rights on matters related to the constitution of the company, director appointment and capital variation, but 75% of the voting rights on dividend matters. This would increase the voting interest of the shareholder not adjusting the voting interest formula when no rights on a particular shareholder decision-making right exist. Interest calculation error for some nonresident companies All non-resident contractor companies, non-resident entertainer companies and agents for foreign insurers with balance dates between October and February will have incorrect use-of-money interest (UOMI) calculations. This is because of a system miscalculation at our end. End-of-year tax for a company that doesn t have a fixed establishment in New Zealand and isn t considered to be resident in New Zealand is due and payable on: 7 February in the next income year, or 7 April if the company is linked to a tax agent. If you re affected, please call Large Enterprises on and we ll put a hold on the account and arrange a correction. Unfortunately this will take several weeks we thank you for your patience. Changes to the livestock valuation election rules On 28 March 2012, changes to the livestock valuation election rules were announced. The Government has changed the rules so that those who elect to use the herd scheme can t change to the alternative national standard cost scheme, except in limited circumstances. The potential change was flagged in Budget 2011 last May and in an 18 August 2011 officials issues paper. The change follows consultation between tax officials, farmers and their advisers on options for tightening the rules. The new rules will take effect immediately, cancelling the ability of farmers to switch schemes for the income year, effective for elections made from 18 August There is no effect on tax payments that have already been made. For more information see the Election to exit the herd scheme factsheet at Publications, March Due date falling on weekend or public holiday If a due date falls on a weekend or public holiday, the date moves to the next working day. Your return or payment will also be treated as being on time if it s postmarked on the next working day. To find more about when a payment is deemed to be received on time go to (keyword: SPS 07/01). Large Enterprises Update comments generally on topical tax issues relevant to large enterprises. Every attempt is made to ensure the law is correctly interpreted, but articles are intended as a brief overview only. The examples provided are not intended to cover every possible factual situation. LargeEnterprises.Update@ird.govt.nz LARGE ENTERPRISES UPDATE Issue No 19 May
Issue No 155 March 2013 IR 787
AGENTS ANSWERS Inland Revenue s tax agents update Are you ready for the 1 April changes? Issue No 155 March 2013 IR 787 Government announced several tax-related changes as part of Budget 2011 and Budget
More informationFirst-time employer s guide
IR 333 April 2013 First-time employer s guide Information you ll need if you re thinking of taking on staff for the first time 2 First-time employer s guide Introduction This booklet takes a brief look
More informationlarge enterprises update Inland Revenue s corporate update
large enterprises update Inland Revenue s corporate update 2011 income tax filing season Issue No 17 November 2011 IR 785 With the 2011 filing year halfway through, now is a good time to think about return
More informationMāori authorities tax return/annual Māori authority credit account return guide 2013
IR 8G November 2012 Māori authorities tax return/annual Māori authority credit account return guide 2013 Complete and send us your IR 8 and IR 8J return by 7 July 2013, unless you have an extension of
More informationCompany tax return guide 2011
IR 4GU February 2011 Company tax return guide 2011 Use this guide to help you complete your 2011 income tax, annual imputation and FDP (foreign dividend payment) account returns. 2 COMPANY TAX RETURN GUIDE
More informationFirst-time employer s guide
First-time employer s guide Information you ll need if you re thinking of employing workers for the first time IR333 April 2018 Contents About this guide 3 Why paying tax matters 3 Are you an employer?
More informationEstate or trust return guide 2014
IR 6G March 2014 Estate or trust return guide 2014 Read this guide to help you fill in your IR 6 return. If you need more help, read our booklet Trusts and estates income tax rules (IR 288). Complete and
More informationPayroll Calculations & Business Rules Specification 1 April 2019 to 31 March 2020
Inland Revenue Payroll Calculations & Business Rules Specification 1 April 2019 to 31 March 2020 This document supports the Payday Filing File Upload Specification 2020 Date: 21/02/2019 Version: V1.2 Contents
More informationCompany tax return guide 2009
Company tax return guide 2009 Use this guide to help you complete your 2009 income tax, annual imputation and FDP (foreign dividend payment) account returns. IR 4GU April 2009 2 COMPANY TAX RETURN GUIDE
More informationEstate or trust return guide 2015
IR 6G March 2015 Estate or trust return guide 2015 Read this guide to help you fill in your IR 6 return. If you need more help, read our guide Trusts and estates income tax rules (IR 288). Complete and
More informationNon-resident income tax return guide 2011
IR 3NRG February 2011 Non-resident income tax return guide 2011 Please read page 5 of this guide to see if you have to complete an IR 3NR. This guide is based on New Zealand tax laws at the time of printing
More informationClubs or societies return guide 2012
IR 9GU March 2012 Clubs or societies return guide 2012 Read this guide to help you fill in your IR 9 return. Complete and send us your IR 9 return by 7 July 2012, unless you have an extension of time to
More informationCompany tax return guide 2014
IR 4GU May 2015 Company tax return guide 2014 Use this guide to help you complete your 2014 income tax, annual imputation and FDP (foreign dividend payment) account returns. 2 COMPANY TAX RETURN GUIDE
More informationRegistered superannuation funds return guide 2010
IR 44G December 2009 Registered superannuation funds return guide 2010 Complete and send us your IR 44 return by 7 July 2010, unless you have an extension of time to file see page 5 of the guide. The information
More informationTax information for charities registered under the Charities Act 2005
Tax information for charities registered under the Charities Act 2005 IR 256 September 2014 2 Tax information for charities Tax information for charities The Charities Services has told us that your organisation
More informationFringe benefit tax return guide IR 425 March 2016
Fringe benefit tax return guide 2016 IR 425 March 2016 www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or register for myir secure online services account to
More informationPenalties and interest
Penalties and interest What you need to know if you don t file or pay on time IR 240 September 2013 Contents About this guide Why paying tax matters Why we charge penalties and interest How we calculate
More informationFringe benefit tax return guide 2010
IR 425 December 2009 Fringe benefit tax return guide 2010 The information in this guide is based on current tax laws at the time of printing. www.ird.govt.nz Go to our website for information, services
More informationMāori authorities tax return/annual Māori authority credit account return guide 2018
IR8G March 2018 Māori authorities tax return/annual Māori authority credit account return guide 2018 Complete and send us your IR8 and IR8J return by 7 July 2018, unless you have an extension of time to
More informationKiwiSaver employer guide
KS4 April 2018 KiwiSaver employer guide What employers need to know about KiwiSaver WHAT IS KIWISAVER? KiwiSaver is a voluntary, work-based savings initiative designed to make regular saving for retirement
More informationNew Zealand tax residence
IR292 September 2017 New Zealand tax residence Who is a New Zealand resident for tax purposes? The information in this guide is based on current tax laws at the time of printing. www.ird.govt.nz 1 Introduction
More informationCompany tax return guide 2008
IR 4GU June 2008 Company tax return guide 2008 This guide is to help you complete your 2008 income tax, annual imputation and dividend withholding payment account returns. Complete and send us your IR
More informationPartnership and look-through company (LTC) return guide 2014
IR 7G March 2014 Partnership and look-through company (LTC) return guide 2014 Read this guide to help you fill in your IR 7 return. Complete and send us your IR 7 return by 7 July 2014, unless you have
More informationAnnual imputation return guide 2014
IR 4JG March 2014 Annual imputation return guide 2014 This guide is to help you complete the 2014 IR 4J imputation return and FDP (foreign dividend payment) account return 2 ANNUAL IMPUTATION RETURN GUIDE
More informationIR335 November Employer's guide. Information to help you with your responsibilities as an employer
IR335 November 2017 Employer's guide Information to help you with your responsibilities as an employer www.ird.govt.nz 1 Introduction If you have anyone working for you, it's your responsibility to deduct
More informationApproved issuer levy (AIL)
IR 395 April 2017 Approved issuer levy (AIL) A A guide for payers www.ird.govt.nz 1 Introduction If you (a borrower) pay interest to a non-resident lender (the person who you ve borrowed from), and want
More informationSTUDENT LOAN? WHAT S IN A
WHAT S IN A STUDENT LOAN? A student loan can help to finance your tertiary studies. You can get a loan to help with your fees, course-related costs and weekly living costs. But remember, only borrow what
More informationClubs or societies return guide 2018
IR9G March 2018 Clubs or societies return guide 2018 Read this guide to help you fill in your IR9 return. Complete and send us your IR9 return by 7 July 2018, unless you have an extension of time to file
More informationStudent loans - making repayments
www.ird.govt.nz 1 IR224 April 2018 Student loans - making repayments 2 STUDENT LOANS MAKING REPAYMENTS www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or register
More informationSTUDENT LOAN? WHAT S IN A
WHAT S IN A STUDENT LOAN? A student loan can help to finance your tertiary studies. You can get a loan to help with your fees, course-related costs and weekly living costs. But remember, only borrow what
More informationTrusts' and estates' income tax rules
IR288 October 2017 Trusts' and estates' income tax rules Types of trusts and how they're taxed 2 TRUSTS AND ESTATES www.ird.govt.nz Go to our website for information and to use our services and tools.
More informationIR Electronic Filing Payroll Specification Document Final V1.4
Inland Revenue IR Electronic Filing Payroll Specification Document Final V1.4 01 April 2018 to 31 March 2019 Prepared by: Date: 26 March 2018 Inland Revenue, National Office, Wellington In Confidence Payroll
More informationCompany tax return guide 2018
IR4GU March 2018 Company tax return guide 2018 Use this guide to help you complete your 2018 income tax and annual imputation returns. 2 COMPANY TAX RETURN GUIDE www.ird.govt.nz Go to our website for information
More informationEstate or trust return guide 2018
IR6G March 2018 Estate or trust return guide 2018 Read this guide to help you fill in your IR6 return. If you need more help, read our guide Trusts' and estates' income tax rules (IR288). Complete and
More informationIR 253 November Education centres. A tax guide for organisations that provide education
IR 253 November 2010 Education centres A tax guide for organisations that provide education www.ird.govt.nz 2 Contents Introduction 3 www.ird.govt.nz 3 How to get our forms and guides 3 Glossary 4 Part
More informationRWT on interest payer s guide
IR283 April 2017 RWT on interest payer s guide Information about RWT for people and organisations who pay interest 2 RWT ON INTEREST PAYER S GUIDE www.ird.govt.nz Go to our website for information and
More informationIR 295 May Taxes and duties. An introduction to New Zealand s tax system. Classified Inland Revenue Public
IR 295 May 2015 Taxes and duties An introduction to New Zealand s tax system 2 TAXES AND DUTIES www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or register for
More informationPenalties and interest
IR240 July 2018 Penalties and interest What you need to know if you don't file or pay on time Contents About this guide 3 Why paying tax matters 4 Why we charge penalties and interest 5 How we calculate
More informationNon-resident income tax return guide 2007
IR 3NRG November 2006 Non-resident income tax return guide 2007 Please read page 5 of this guide to see if you are required to complete an IR 3NR. This guide is based on New Zealand tax law at the time
More informationProvisional tax. Information to help you with provisional tax. IR 289 February 2008
Provisional tax Information to help you with provisional tax IR 289 February 2008 2 PROVISIONAL TAX Introduction We ve written this booklet to explain provisional tax. We ve included information for individuals
More informationRWT on interest payer s guide
IR 283 October 2010 RWT on interest payer s guide Information about RWT for people and organisations who pay interest www.ird.govt.nz 3 Introduction This guide is for people who pay interest under the
More informationRegistered superannuation funds return guide 2018
IR44G March 2018 Registered superannuation funds return guide 2018 Complete and send us your IR44 return by 7 July 2018, unless you have an extension of time to file - see page 4 of the guide. 2 REGISTERED
More informationTax agents' guide for migrants and returning New Zealanders
Tax agents' guide for migrants and returning New Zealanders Helping your clients with international tax IR1069 April 2016 Classified Inland Revenue - Public Contents About this guide 1 How New Zealand's
More informationTax agents' guide for migrants and returning New Zealanders. Helping your clients with international tax
Tax agents' guide for migrants and returning New Zealanders Helping your clients with international tax IR1069 May 2018 Contents About this guide 1 How New Zealand's tax system works 2 Determining New
More informationIR23G April Do you need a special tax code?
IR23G April 2017 Do you need a special tax code? Why a special tax code might suit you For some people receiving salary and wages, the standard tax codes (eg, M, ME, S, SH or ST) don't deduct the right
More informationLV= Flexible Guarantee Bond Series 3. Bond Conditions
LV= Flexible Guarantee Bond Series 3 Bond Conditions LV= Flexible Guarantee Bond Series 3 Bond Conditions Welcome to LV=, and to our Flexible Guarantee Bond Series 3 These Bond Conditions, together with
More informationDisputing an assessment
IR776 June 2018 Disputing an assessment What to do if you dispute an assessment 2 DISPUTING AN ASSESSMENT Introduction While we make every effort to apply the tax laws fairly and correctly, there may be
More informationCharitable and donee organisations
IR255 April 2019 Charitable and donee organisations A tax guide for charities, donee organisations and other groups www.ird.govt.nz 3 Introduction Charitable organisations have several tax obligations.
More informationEquity release from Aviva
You should read this with your personalised illustration. Equity release from Aviva Tariff of charges A guide to the charges for our lifetime mortgages Learn about the charges This booklet gives you a
More informationIMS PAYROLL PARTNER - INSTALLATION & RELEASE NOTES v3.60 March 2010
Note: New tax legislation applies to all pay periods processed with an PERIOD END Date on or after 1 st April 2010. If you are required to process a pay period with an PERIOD END DATE in March 2010 but
More informationA guide to foreign investment funds and the fair dividend rate
IR461 May 2016 A guide to foreign investment funds and the fair dividend rate www.ird.govt.nz 3 Contents Foreign investment funds (FIFs) 4 What is a FIF? 4 What is FIF income? 5 Foreign investment flow
More informationAnnual imputation return guide 2017
IR4JG March 2017 Annual imputation return guide 2017 This guide is to help you complete the 2017 IR4J imputation return and FDP (foreign dividend payment) account return 2 ANNUAL IMPUTATION RETURN GUIDE
More informationWebinar: How NEST can help you support clients with auto enrolment
Webinar: How NEST can help you support clients with auto enrolment Questions and answers February 2016 Choosing to use NEST 1. Is a NEST pension scheme always a qualifying scheme for auto enrolment? Yes,
More informationMaking it easier for borrowers to repay their student loans
Making it easier for borrowers to repay their student loans A government discussion document Hon Peter Dunne Minister of Revenue First published in June 2009 by the Policy Advice Division of Inland Revenue,
More informationPAYE Reporting Released November 2016
PYE Reporting Released November 2016 Introduction The Government is modernising New Zealand s tax system to make it simpler and more certain for New Zealanders. Improving the administration of PYE is an
More informationFASS. Setting up Funded Family Care
FASS Setting up Funded Family Care www.fass.org.nz info@fass.org.nz 0800 45 66 55 Copyright Funding Advisory & Support Services 2014 Funding Advisory & Support Services Welcome to Funding Advisory and
More informationPayday Filing File Upload Specification 1 April 2019 to 31 March 2020
Inland Revenue Payday Filing File Upload Specification 1 April 2019 to 31 March 2020 This document is for Payday filing through myir and supports the Payroll Calculations & Business Rules Specification
More informationIR Electronic Payday Filing Payroll Specification Document Final v1.0
Inland Revenue Based on proposed changes in the Taxation (Annual Rates 2017-18 Employment and Investment Income and Remedial Matters) Bill (April 2017 Bill) IR Electronic Payday Filing Payroll Specification
More informationANZ KiwiSaver Scheme INformAtIoN for employers
ANZ KiwiSaver Scheme Information for employers One KiwiSaver scheme makes it easy KiwiSaver is a voluntary savings initiative, designed to make it easier for New Zealanders to save for their retirement.
More information2017 Ace Payroll compliance upgrade
2017 Ace Payroll compliance upgrade March 2017 upgrade NSME209828-1116 What s new in this release News Inland Revenue Holiday Pay ruling reminder 2017-2018 Compliance updates Tax changes Schedular Payment
More informationOverseas pensions and annuity schemes
IR257 May 2016 Overseas pensions and annuity schemes This guide contains information on the taxation of foreign superannuation lump sums and overseas pensions. For information about overseas social security
More informationPAYE reporting changes and changes to the payroll subsidy scheme
May 2018 A special report from Policy and Strategy, Inland Revenue PAYE reporting changes and changes to the payroll subsidy scheme The Taxation (Annual Rates for 2017 18, Employment and Investment Income,
More information0-14, % 14,001-48, % 48,001-70,000 30% Over 70,000 33%
TAX FACTS 2015 Income Tax s INDIVIDUALS Income 0-14,000 10.5% 14,001-48,000 17.5% 48,001-70,000 30% Over 70,000 33% COMPANIES Companies (including branches or permanent establishments of non-resident companies
More informationTaxation (Consequential Rate Alignment and Remedial Matters) Bill 2009
Taxation (Consequential Rate Alignment and Remedial Matters) Bill 2009 Officials Report to the Finance and Expenditure Committee on Submissions on the Bill September 2009 Prepared by the Policy Advice
More informationSimplifying taxpayer requirements. A Government discussion paper on proposals for change
Simplifying taxpayer requirements A Government discussion paper on proposals for change First published in December 1997 by the Inland Revenue Department, PO Box 2198, Wellington, New Zealand. Simplifying
More informationPartnership and look-through company (LTC) return guide 2017
IR7G March 2017 Partnership and look-through company (LTC) return guide 2017 Read this guide to help you fill in your IR7 return. Complete and send us your IR7 return by 7 July 2017, unless you have an
More informationPayroll in the land of the Long White Cloud
Payroll in the land of the Long White Cloud Chris Mar, Philip Sullivan & Brydon Tweedie (IRD) Datacom 2018 1 Same, Same but Different Datacom 2018 2 Are these Jandals or Thongs? Datacom 2018 3 Is this
More informationStudent Loans Company. Repaying your student loan
Student Loans Company Repaying your student loan Contents Page Introduction 3 How much do I repay? 4 Do I pay interest on my loan? 6 How do I repay? 7 When will I get a statement? 11 Coming to the end
More informationLook-through companies
IR879 March 2018 Look-through companies A guide to the look-through company rules 2 LOOK-THROUGH COMPANIES www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or
More informationMāori authority tax rules
IR1202 December 2017 Māori authority tax rules This design is an interpretation of the Mangopare pattern and represents partnership Contents Who is this guide for? 3 The Māori authority credit system 3
More informationCombined Home Loan. This document sets out your loan or facility s terms and conditions. Some key information about your loan or facility
Combined Home Loan Terms and Conditions This document sets out your loan or facility s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Home Loan or ANZ
More informationWarehouse Money MasterCard and Red Card Terms and Conditions
Warehouse Money MasterCard and Red Card Terms and Conditions 1 Contents 1. About these terms 5 2. The Warehouse Financial Services Limited and TW Money Limited 5 3. How to read this document 5 4. Managing
More informationPORTFOLIO INVESTMENT ENTITY
IR860 March 2018 PORTFOLIO INVESTMENT ENTITY A guide for PIEs www.ird.govt.nz 2 www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or register for myir to manage
More informationIR 313 April Buying and selling residential property. What you need to know about your tax obligations
IR 313 April 2011 Buying and selling residential property What you need to know about your tax obligations 2 Buying and selling residential property www.ird.govt.nz Go to our website for information, services
More informationENGIE Prepayment. A Guide to your prepayment meter
ENGIE Prepayment A Guide to your prepayment meter 1 An introduction to prepayment Welcome to prepayment from all of us here at ENGIE. This guide is here to give you lots of information about prepayment
More informationImputation A guide for New Zealand companies
IR 274 August 2007 Imputation A guide for New Zealand companies www.ird.govt.nz 3 Introduction The dividend imputation system lets companies pass on to their shareholders credits for the New Zealand income
More informationIR252 January Dairy farming. A guide to the GST and PAYE obligations of dairy farmers
IR252 January 2018 Dairy farming A guide to the GST and PAYE obligations of dairy farmers www.ird.govt.nz 3 Dairy farming This guide answers some of the common questions dairy farmers ask about GST and
More informationINTERPRETATION STATEMENT: IS 17/06
INTERPRETATION STATEMENT: IS 17/06 Income tax application of schedular payment rules to directors fees All legislative references are to the Income Tax Act 2007 (the Act) unless otherwise stated. Relevant
More informationANZ KIWISAVER SCHEME GUIDE 24 NOVEMBER 2017 ISSUER AND MANAGER: ANZ NEW ZEALAND INVESTMENTS LIMITED
ANZ KIWISAVER SCHEME GUIDE 24 NOVEMBER 2017 ISSUER AND MANAGER: ANZ NEW ZEALAND INVESTMENTS LIMITED WHAT S IN THIS GUIDE? Getting started 1 Why us? 2 KiwiSaver s main benefits 3 A snapshot of the ANZ KiwiSaver
More informationWarehouse Money Visa Card Terms and Conditions
Warehouse Money Visa Card Terms and Conditions 1 01 Contents 1. About these terms 6 2. How to read this document 6 3. Managing your account online 6 4. Managing your account online things you need to
More informationSA-HELP. Information for
SA-HELP Information for 2012 www.goingtouni.gov.au You must read this booklet before signing the commonwealth assistance form below SA-HELP form USING THIS BOOKLET As you read through, you will notice
More informationNZRT Workplace Savings - How does this investment work?
New Zealand Retirement Trust February 201 NZRT Workplace Savings - How does this investment work? This document provides additional information on how you can manage your investment in the New Zealand
More informationSimplifying the collection of tax on employee share schemes
July 2016 A special report from Policy and Strategy, Inland Revenue Simplifying the collection of tax on employee share schemes Sections CE 2, RD 6, RD 7, RD 7B, of the Income Tax Act 2007; section 46(6B)
More informationPartnership and look-through company (LTC) return guide 2019
IR7G March 2019 Partnership and look-through company (LTC) return guide 2019 Read this guide to help you fill in your IR7 return. Complete and send us your IR7 return by 7 July 2019, unless you have an
More informationPostgraduate Loan guide to terms and conditions
Postgraduate Loan guide to terms and conditions 2016/17 www.gov.uk/postgraduateloan /SF_England /SFEFILM Contents 1 What this guide s about 02 2 Your loan contract 02 3 Who does what 03 4 Your responsibilities
More informationPaid Parental Leave scheme Employer Toolkit
Paid Parental Leave scheme Employer Toolkit humanservices.gov.au Contents 1. What we mean by table of terms and definitions 3 2. The Paid Parental Leave scheme in summary 4 2.1 What it is 4 2.2 Why we
More informationFlexible Home Loan. This document sets out your facility s terms and conditions. Some key information about your facility. Terms and Conditions
Flexible Home Loan Terms and Conditions This document sets out your facility s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Flexible Home Loan. It
More informationIR294 April Visitor's tax guide. Tax information for visitors to New Zealand
IR294 April 2018 Visitor's tax guide Tax information for visitors to New Zealand 2 VISITOR S TAX GUIDE www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or register
More informationIR291. April NRWT - payer's guide
IR291 April 2017 NRWT - payer's guide 2 NRWT PAYER S GUIDE Introduction If you pay non-resident passive income (NRPI), this guide tells you: when you're required to deduct NRWT (non-resident withholding
More informationWELCOME TO ALLIANCE TRUST SAVINGS. Guide for Advised Clients
WELCOME TO ALLIANCE TRUST SAVINGS Guide for Advised Clients 2 Welcome to Alliance Trust Savings IN THIS GUIDE This guide is designed to provide helpful information and answer the questions we are most
More informationIR 268 June Entertainment expenses A guide to the tax treatment of business entertainment expenses
IR 268 June 2007 Entertainment expenses A guide to the tax treatment of business entertainment expenses www.ird.govt.nz 3 Introduction This guide is designed to help you understand the rules for claiming
More informationIR 272 April Taxes and the taxi industry. Information about tax issues for taxi drivers and owner-operators
IR 272 April 2009 Taxes and the taxi industry Information about tax issues for taxi drivers and owner-operators Self-employed or an employee? It s important to know whether you are self-employed or an
More informationSavings account conditions (inc cash ISAs)
Savings account conditions (inc cash ISAs) For use from 2nd November 2017 Changes to your terms and conditions We are making some changes to your savings account terms and conditions. The changes will
More informationANZ KIWISAVER SCHEME PRODUCT DISCLOSURE STATEMENT
ANZ KIWISAVER SCHEME PRODUCT DISCLOSURE STATEMENT 24 NOVEMBER 2017 ISSUER AND MANAGER: ANZ NEW ZEALAND INVESTMENTS LIMITED This product disclosure statement replaces the product disclosure statement dated
More informationStudent loans - a guide to terms and conditions 2018/19.
Student loans - a guide to terms and conditions www.gov.uk/studentfinance 2018/19 Contents 1 What s this guide about? 2 2 Your loan contract 2 3 Who does what? 3 4 Your responsibilities 4 5 Which Repayment
More informationND Employment-related taxes
71 ND Employment-related taxes Contents Introductory provision ND 1 What this subpart does PAYE rules and PAYE payments Introductory provisions ND 2 ND 3 ND 4 ND 5 PAYE rules and their application PAYE
More informationONEANSWER KIWISAVER SCHEME PRODUCT DISCLOSURE STATEMENT
ONEANSWER ONEANSWER KIWISAVER SCHEME PRODUCT DISCLOSURE STATEMENT 10 AUGUST 2018 ISSUER AND MANAGER: ANZ NEW ZEALAND INVESTMENTS LIMITED This product disclosure statement replaces the product disclosure
More informationLivestock Office Superannuation/Kiwisaver
Livestock Office Superannuation/Kiwisaver 4/05/2017 Contents Superannuation Pay Type... 2 NZ Kiwisaver... 4 Kiwisaver with ESCT... 4 Kiwisaver using Employee Tax Rate... 6 IR File and Superannuation Report...
More informationSIL Employer Scheme. A registered superannuation scheme established under the SIL Mutual Fund
SIL Employer Scheme A registered superannuation scheme established under the SIL Mutual Fund Investment Statement 31 March 2016 Important information (The information in this section is required under
More informationproduct guide. This is an important document. Please keep it safe for future reference. Legal & General select portfolio bond
SELECT PORTFOLIO BOND (WEALTH MANAGERS) product guide. This is an important document. Please keep it safe for future reference. Legal & General select portfolio bond 2 SELECT PORTFOLIO BOND (wealth managers)
More information