The reporting requirements for investment income are changing. Payers of investment income can keep using the existing rules until 1 April 2020. All businesses and organisations will need to follow the new rules from that date.
Businesses and organisations that are registering for the first time may want to follow the new rules immediately to save having to change systems and processes on 1 April 2020.
You will need to register as a payer of resident withholding tax through myIR. Once you are registered you will need to elect into the new investment income regime.
This page describes the new requirements.
If you make taxable distributions you need to send us the following information after each payment period:
- the name, IRD number and contact address of the authority
- the date the distribution is made
- the total amount of distributions made
- the total amount of tax withheld
- the total amount of Māori authority credits attached
- the Māori authority credit ratio.
The following information is required for each of the income recipients who received a distribution:
- their name
- their contact details (email, street address or mobile phone number)
- the amount and type of income paid to them
- the tax withheld
- the date the tax was withheld
- the Māori authority credits attached, if any.
If it is available, you need to provide the following information for each of the income recipients who received a distribution:
- their IRD number
- their date of birth.
You must provide the name of any joint owners. If held, you also need provide the following information for any joint owners:
- their IRD number
- their date of birth
- their contact address.
Information must be provided electronically unless you have an exemption.
Reports are due by the 20th of the month following the month in which the you made the taxable distribution. You only need to report for the periods in which you make a distribution and withhold tax on that distribution.