Investor statements for PIEs
The investor statement includes the following information.
| Information | Description |
|---|---|
| Investor's name | The full name of the investor. |
| Investor's IRD number | The IRD number of the investor. |
| PIE's balance date | The PIEs balance date so that the investor can determine the income year that the attributed income falls within. |
| Prescribed investor rate (PIR) as at year-end | The latest valid PIR used in the income year. |
| If you operated a PIR lower than your correct rate, you will need to include this in your income tax return |
If there has been a rate change, the information for each rate needs to be identified so that any tax shortfall relating to that income can be assessed. If there was no change then this field can be omitted, on an investor basis. |
| Taxable income/loss |
This is the total attributed income/loss for the investor, covering all PIR 0%, low, mid and top. Note: This is after deducting "Investor expenses less credits for fees". For investors that only have the 0% applied, provide the tax credit information shown under zero rate panels later on this statement. |
| Investor expenses less credits for fees adjusted | The investor level expenses less any credit for fees for all investors .This is the gross deduction not the converted tax amount. (expenses - credit for fees ) Required to enable the investor to know what if any further claim they maybe entitled to. |
| Gross tax payable/creditable | For investors that had a rate greater than 0% applied, this is the combination of each tax calculation during the year. |
| Tax credits used |
For investors that had a rate greater than 0% applied, this is the combination of each tax credit attributed and used in a tax calculation during the year. Excludes any foreign tax credits that were not used to offset tax payable or credit given. |
| Net tax paid - credited | For investors that had a rate greater than 0% applied, this is the combination of each tax calculation during the year. Being the results of "Gross tax paid/credit" less "Tax credits used". |
The adjustment for the net tax adjustment has been made by either:
|
This point will advise the investor how the investor return adjustment required has been made. This will be the combination of each adjustment made for the year. This includes adjustments that are made within the two-month timeframe allowed after the actual tax calculation. Where the adjustment relates to say 31 March the timeframe allows until 31 May for that adjustment. For MRPs that pay provisional tax the period is 3 months after the end of the income year. The actual wording for this field should clearly identify to the investor how the tax adjustment has been achieved. |
|
The details for the lower rate or rates (where low, mid and top used) are set out below The details are for lower rate mid or low not 0%. |
The following information is only required if more than one PIR was applied in a final tax calculation during the year for the investor. Where both of the low and mid rates have been used in addition to the top rate you will need to repeat these fields identifying the details for each of the lower rates. The details for the top rate are able to be calculated Note: That if the investor's rate change is for an investor exit period that has zero-rated income, those details should be shown under the zero-rated segment of this statement. |
| Taxable income/loss |
This is the combined taxable income or loss for the periods that the lower rate or rates were used in a final tax calculation. Note: This is after deducting "Investor expenses less credits for fees". |
| Gross tax paid/credited | This is the combination of each tax calculation using the lower rate or rates during the year for the investor. |
| Investor expenses less credits for fees adjusted |
The investor level expenses less any credit for fees for all investors .This is the gross deduction not the converted tax amount. (expenses - credit for fees ) Required to enable the investor to know what if any further claim they maybe entitled to. |
| Zero-rated exitor payment | If an exited investor, in a quarterly return filing PIE, has any units/interest left at the end of the exit period, the PIE will pay the value of the units/interest as tax. The investor is then allowed a credit in their income tax return for this payment made by the PIE. |
| The next part covers income and tax credit details for investors that have had the zero rate applied. | |
| Taxable income/loss |
Taxable income or loss for investors who have had the zero-rate applied in a final tax calculation during the year. Note you do not need to include companies, however trustess do need to be reported here and other investors that have had 0% and one of the other PIRs applied during the year to identify the zero-rated component. Note: This is after deducting "Investor expenses less credits for fees". |
| Foreign tax credits | For all investors that have had the zero rate applied during the year this is the foreign tax credits attributed for the zero-rated period. |
| Dividend withholding payment | For all investors that have had the zero rate applied during the year this is the dividend withholding payments attributed for the zero-rated period. |
| Imputation credits | For all investors that have had the zero rate applied during the year this is the imputation credits attributed for the zero-rated period. |
| Resident withholding tax credits | For all investors that have had the zero rate applied during the year this is the resident withholding tax credits attributed for the zero-rated period. |
Note that you may also provide the details for each rate instead of using the above format.
Example
The following is an example of the information to be reported to investors.
Example scenario:
Quarterly filing option
-
Quarterly details
- $1,000 income
- $100 tax credits
- Investor fees in last quarter $100
- Tax adjustment made by cancelling $1 units
- Investor operates all four rates 1 per quarter
- Investor exits near the end of fourth quarter
- PIE zero rates investors on exit
| Investor statement version 1 | |
|---|---|
| Investor’s name | An investor |
| Investor’s IRD number | 123456789 |
| PIE’s balance date | 31 March 2012 |
| PIR as at year-end | 17.5% |
| If a rate lower than your correct rate has been applied to your income, you will need to include the lower rate details in your income tax return | |
| Total details for the year | |
| Taxable income (net of expenses) | $ 3,900.00 |
| Gross PIE tax payable | $ 560.00 |
| Tax credits used | $ 300.00 |
| Net tax paid | $ 260.00 |
| The adjustment for net tax paid has been made by cancelling 260 units | |
| Details at 10.5% | |
| Taxable income | $ 1,000.00 |
| Tax paid | $ 105.00 |
| Details at 17.5% | |
| Taxable income | $ 1,000.00 |
| Tax paid | $ 175.00 |
| Details at zero-rate | |
| Taxable income (net of expenses) | $ 900.00 |
| Investor expenses | $ 100.00 |
| Total attributed foreign tax credits | $ 10.00 |
| Total attributed IC tax credits | $ 80.00 |
| Total attributed RWT tax credits | $ 10.00 |
| Investor statement version 2 | |
|---|---|
| Investor’s name | An investor |
| Investor’s IRD number | 123456789 |
| PIE’s balance date | 31 March 2012 |
| PIR as at year-end | 17.5% |
| If a rate lower than your correct rate has been applied to your income, you will need to include the lower rate details in your income tax return | |
| Details at 28% | |
| Taxable income (net of expenses) | $ 1,000.00 |
| Tax paid | $ 280.00 |
| The adjustment for net tax paid has been made by cancelling 260 units | |
| Details at 10.5% | |
| Taxable income | $ 1,000.00 |
| Tax paid | $ 105.00 |
| Details at 17.5% | |
| Taxable income | $ 1,000.00 |
| Tax paid | $ 175.00 |
| Details at zero-rate | |
| Taxable income (net of expenses) | $ 900.00 |
| Investor expenses | $ 100.00 |
| Total attributed foreign tax credits | $ 10.00 |
| Total attributed IC tax credits | $ 80.00 |
| Total attributed RWT tax credits | $ 10.00 |
Date published: 29 Sep 2010
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