Financial transfers online demonstration - transcript
Screen 1
Hi and welcome to our financial transfers request demo.
The financial transfers request service offers you a new way of completing credit balance and payment transfers using our online services. This quick and efficient option for completing transfers provides you with a service that is consistent with our other online services. It is also really easy to use!
In this demo, we'll:
- explain the different types of transfers you can make
- step you through how to do a credit transfer
- step you through how to do a payment transfer.
There are 18 pages in total in this demo.
Go to the next screen.
Screen 2
There are a number of different credit and payment transfers that you can make.
See below for more information on the transfer types.
Credit balance transfer request
The credit balance transfer allows you to transfer all or part of a credit balance to another period, tax type or IRD number.
The effective date of the credit balance transfer will be the day you action the transfer.
If there is use of money interest (UOMI) on the account, this will be included in the credit balance.
Note: If you wish to transfer the credit balance to more than one period, tax type or IRD number you'll need to perform separate transfers for each amount.
Payment transfer request:
The payment transfer service allows you to transfer a whole payment amount to another period, tax type or IRD number.
The effective date of the payment transfer will be the effective date of the original payment.
Interest and penalties will be recalculated as they would be for any other financial transfer.
Tax types that you can transfer to and from are:
| CSE | GMD | REB |
| DWT | GST | RWT |
| FBA | INC | SLE |
| FBI | NRT | SSC (ESCT) |
| FBT | PAY |
Tax types that can only be transferred to include:
| FAM | PIE |
Some Student Loan, Child Support and KiwiSaver tax types cannot be transferred online.
See below to find out what they stand for. Then, go to the next screen.
CSE = Child Support Employer deductions
DWT = Dividend Withholding Tax
FBA = Fringe Benefit Tax (Annual)
FBI = Fringe Benefit Tax (Income Year)
FBT = Fringe Benefit Tax
GMD = Gaming Machine Duty
GST = Goods and Services Tax
INC = Income Tax
NRT = Non-Resident Withholding Tax
PAY = Employers Tax deductions
REB = Rebate Claim
RWT = Resident Withholding Tax
SLE = Student Loan Employers deductions
SSC (ESCT) - Employer Superannuation Contribution Tax (formerly Specified Superannuation Contribution Withholding Tax Deductions)
FAM = Working for Families Tax credits
PIE = Portfolio Investment Entity tax
Screen 3
In this demo, we'll be working closely with Mandy, a tax agent, who will carry out a credit balance transfer and a payment transfer for different clients.
Read through the scenarios below to find out what she needs to do.
Transfer a credit balance request
For Client A, Mandy needs to transfer the full credit balance in PAY to the GST account of another taxpayer.
There are four main steps to completing this and she'll need the IRD number of the two clients, the tax types involved and the tax periods.
Payment transfer request
For Client B, Mandy wants to resolve a GST payment made to the wrong period. To fix this, she needs to select the payment made on 01/04/2009 and transfer it to GST for the period 30/06/2009.
Remember she can only transfer an entire payment. Also, the effective date will always be the payment date.
Screen 4
Let's look first at how Mandy does the credit balance transfer.
She is now logged in to Online Services. From here, she needs to access the Financial Transfers section. There are two ways she can do this:
- From the Manage clients tab at the top of the screen
- From the Financial transfers hyperlink, which is further down the page next to the Manage clients section.
Mandy chooses the first option and selects Financial transfers from the Manage clients dropdown.
Screen 5
This brings Mandy into the Financial Transfers service. The progress bar at the top of the screen indicates the steps she needs to work through and highlights where she is currently at (Select transfer option).
In the Client account access section, she has already entered the IRD number of the client she wants to transfer the credit from. She has also selected the transfer type, which in this case is Transfer credit balance.
In the event that she enters incorrect information, an error message will appear underneath the progress bar explaining what the error is and how to fix it. It will also highlight the field that is in error.
Fortunately, Mandy has entered the correct information and selects Continue to progress to the next step.
Screen 6
In Step 2 of the credit transfer, Mandy needs to enter information relating to the account she is transferring from, including the tax type and period.
Note:
The green section underneath the progress bar provides useful instructions if you get stuck at any stage while completing a transfer.
Mandy has already selected the dropdown for the tax type. She will only see the tax types she is linked for.
She wants to transfer the full credit balance in PAY for one taxpayer to the GST account of another taxpayer, so she has selected the PAY tax type option.
Screen 7
Great!
As you can see, Mandy has entered the period that she wants to transfer the balance from. All she needs to do now is verify the credit balance is available.
She can do this by clicking on the Verify credit balance button.
Screen 8
In Step 3, Mandy needs to specify the details of the client she wants to transfer the credit balance to.
She has already entered the relevant information into the fields in the Transfer credit to section. So far, she has:
- entered the IRD number the credit is going to
- selected GST as the tax type
- entered the period
- entered $100.00 as the amount she wants to transfer.
Now she needs to confirm the transfer details.
She does this by clicking the Confirm transfer details button.
Screen 9
Mandy now has the chance to review and confirm the details she entered.
She double-checks the details on screen against her paperwork. Satisfied everything is correct she ticks the declaration checkbox at the bottom of the screen.
If any of the details are incorrect, she can click the Back button at the bottom of the screen to return to the earlier screen(s) and make the necessary adjustment(s).
To progress to the final step, Mandy clicks the Send to Inland Revenue button.
Screen 10
The View or save transfer receipt screen confirms that the transfer has been successful. Mandy is now at the end of the transfer process.
Before she finishes up with her credit transfer, she has the option of saving her transaction as a PDF or RTF by clicking the appropriate button at the bottom of the screen.
We recommend you always keep a copy of any online transactions you do.
Screen 11
Now that Mandy is finished with her credit transfer, she can:
- Select the Look at account information hyperlink in the green box to double-check the changes she made
- Exit out of the Financial transfers site
- Click the Request another financial transaction button to carry out another transaction.
She needs to carry out another transaction-a payment transfer. Think back to the scenario earlier in the demo. A GST payment was accidentally made to the wrong period for her client so she needs to transfer it from 01/04/2009 to 30/06/2009.
She does this by clicking on the Request another financial transfer button at the bottom of the screen.
Screen 12
This returns Mandy to the first step in the transfer process.
She has already entered her client's IRD number and selected the Transfer a payment option.
Go to the next screen.
Screen 13
In Step 2 (Transfer from), Mandy needs to enter the original payment details so she can find the actual payment in the system.
She has already entered the tax type, which in this case is GST, the period the payment was for and the actual date the payment was made.
Mandy clicks on the Find payment button to locate the matching payment(s).
Screen 14
A list of payments for the tax type, period and payment date appears.
Note:
This screen only appears if there are multiple payments for that date. If there is only one payment, the system jumps directly to the next screen.
Mandy selects the correct payment and clicks Continue.
Screen 15
For Step 3 (Transfer to), Mandy enters the destination information about the payment, including the IRD number, which is the same as the one she entered earlier, the tax type and the correct period it should have been paid to.
She then clicks the Confirm transfer details button to progress to the next step.
Screen 16
A summary of the details Mandy has just entered appears on screen.
She checks the information showing and selects the declaration checkbox at the bottom of the screen to confirm the details are correct.
She clicks the Send to Inland Revenue button to move onto the final step in the payment transfer process.
Screen 17
The transfer was successful.
Mandy now has the option to save or print her receipt so she can keep it in her records.
If she wanted to do any additional transactions at this stage, she could click the Request another financial transfer button at the bottom of the page or continue with online services.
Screen 18
This is all you need to do to process any subsequent transfers.
Just remember, prompts appear at the top of the page to guide you if you are unsure about what you need to do. Also if, at any point, you enter incorrect information, an error message will appear outlining what you need to do to fix the error.
Below are some key points to remember when you do your credit and payment transfers.
Credit transfers
You can transfer part of a credit. The credit can be transferred to more than one destination. However, separate transfers will be needed for each tax type, IRD number or period.
These requests are transferred on the date you complete the transfer.
Payment transfers
The whole payment must be transferred as a single transfer. Part payments cannot be transferred online.
Payment requests can only be done using the date of the original payment.
If you require a different date, call the 0800 number.
Date published: 15 Jan 2010
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