IR852 PIE periodic return
Return detail requirements
Entities that have elected to become quarterly or exit MRPs are required to file a return in the prescribed form, in one or more electronic formats. PIEs that continue to file income tax returns do not complete IR852 PIE periodic returns. The exception is custodians (PIP) which may file both PIE periodic returns and income tax returns.
The following table sets out the return details requirements for quarterly MRP filers and exit MRP filers.
Return identification and version number
There are two additional data fields that are not part of the return but are used to identify the type of message.
- Return type IR852. For file transfer this is the first field. For B2B this is the root element.
- Return version eg 0001 for pre-1 April 2008 and 002 for returns after 1 April 2008. This reflects any changes to the format such as the change in the PIR from 33% to 30%. Version 003 for income years commencing on or after 1 April 2010 for the PIR changes.
PIE details
|
Element |
Frequency |
Description |
|
|---|---|---|---|
| PIE name | Name of the PIE | ||
| IRD number | IRD number of the PIE | ||
| Period end date | monthly | End of each month for periods that have exited investors or optional payments | |
| annually | 31 March for all remaining investors and March exitors | ||
| quarterly | 31 March, 30 June, 30 September and 31 December | ||
| Total value of investment assets | once a year | Total value of the investment assets a PIE has at the end of the return period or from the statement of financial position |
|
Element |
Description |
|---|---|
| Gross income |
Gross income/loss of the PIE for the return period Excludes any income/loss from a land class investment |
| Deductible expenses |
Expenditure incurred by the PIE during the return period, or allowable annual expenditure attributed to the period Enter as a positive amount. Negative may be entered to cover adjustments. |
| Net income/loss | Net income or loss after deducting expenses |
| Net land class income/loss |
If the PIE has an investment class that qualifies as a land class the net income/loss should be recorded here A land class loss can only be offset against land class income |
|
Combined income/loss
|
The combined income or loss amount for the different investment classes (if more than one) during the return period. Note: Cannot offset land class loss against income from other classes. Can be zero. |
| Formation loss used | Losses that cannot be attributed to investors can only be used to reduce the PIE's income to zero subject to certain limitations. |
| Land class loss brought forward | The land class loss carried forward to this return period |
| Land class loss amount to carry forward | The land class loss amount to be carried forward to the next return period. Resultant amount of "Net land class income/loss amount" and "Land class loss brought forward amount" less "Land class loss claimed". |
| Land class loss claimed | Where there is residual land income after deduction of any formation loss then land losses brought forward may be claimed. This is limited to the extent of any land income. |
| Taxable income |
Total taxable income of PIE for all classes for the return period Note: this is the PIE's taxable income before adjusting for Investor fees less rebates. This field covers investors that have income for the return period. |
| Taxable loss |
Total taxable loss of PIE for all classes for the return period. Note: This is the PIE's taxable loss before adjusting for "Investor expenses less credits for fees". This field covers investors that have a loss for the return period. |
| Income retained taxed @ top | This is the income/loss the PIE attributes to itself, such as for non-vested, reserves or hybrid benefit fund PIEs. Where you have created a separate investor for employer non-vested income you may report that as a top rate investor instead of entering the amount here - positive or negative |
| Income/loss of exited zero-rated |
For quarterly PIE, this is the income or loss attributed for an exit period to an investor(s) Note: This is the "Taxable income" or "Taxable loss" before adjusting for " Investor expenses less credits for fees ". |
| Investor expenses less credits for fees |
This is the adjustment for expenses less credit for fees that are charged at the investor level. This could be a debit or credit. (expenses – credit for fees) Show expenses as positive and credits negative, if credits exceed expenses charged then enter amount as a negative. Includes deductions passed up from a member superannuation fund. |
| Total income to attribute | Income to attribute across the four (4) PIRs. "Taxable income" less " Investor expenses less credits for fees ". |
| Total loss to attribute | Loss to attribute across the four (4) PIRs. "Taxable income" less "Investor expenses less credits for fees". |
Summary of attributed investor income
|
Element |
Description |
|---|---|
| Income attributed to 0% | The amount is a component of the "Total income to attribute" amount. |
| Loss attributed to 0% | The amount is a component of the "Total loss to attribute" amount. |
| Income attributed to low PIR | The amount is a component of the "Total income to attribute" amount. |
| Loss attributed to low PIR | The amount is a component of the "Total loss to attribute" amount. |
| Income attributed to mid PIR | The amount is a component of the "Total income to attribute" amount. |
| Loss attributed to mid PIR | The amount is a component of the "Total loss to attribute" amount. |
| Income attributed to top PIR | The amount is a component of the "Total income to attribute" amount. |
| Loss attributed to top PIR | The amount is a component of the "Total loss to attribute" amount. |
Total payable/refundable details
| Element | Description |
|---|---|
| Tax payable/credit due |
Accumulation of all tax calculations for each investor for each investor class, including tax on income/loss retained. This is net of tax credits used and detailed below. Tax payable is a positive amount and credit due is shown as a negative amount. |
| Zero-rated exited investor's tax payment for exit period | If an exited investor, in a quarterly return filing PIE, has any units/interests left at the end of the exit period, the PIE will pay the value of the units/interests as tax. The investor is then allowed a credit in their income tax return for this payment made by the PIE. This is a positive amount. |
| Net tax payable/credit due | "Tax payable/credit due" plus "Zero-rated exited investor's tax payment for exit period". Tax payable is a positive amount and credit due is shown as a negative amount. |
Tax credit details utilised
| Element | Description |
|---|---|
| Foreign tax credit |
Totals used for non-zero-rated investor as part of arriving at "Tax payable/credit due" Do not include credits attributed to investors whose income/loss has had the zero rate applied. Tax credits will be shown as positive. Show adjustments as negative. |
| Dividend withholding payment |
Totals used for non-zero-rated investor as part of arriving at "Tax payable/credit due". Include Maori authority credits. Do not include credits attributed to investors whose income/loss has had the zero rate applied. Tax credits will be shown as positive. Show adjustments as negative. |
| Imputation credit |
Totals used for non-zero-rated investor as part of arriving at "Tax payable/credit due". Do not include credits attributed to investors whose income/loss has had the zero rate applied. Tax credits will be shown as positive. Show adjustments as negative. |
| Resident withholding tax |
Totals used for non-zero-rated investor as part of arriving at "Tax payable/credit due". Do not include credits attributed to investors whose income/loss has had the zero rate applied. Tax credits will be shown as positive. Show adjustments as negative. |
Date published: 29 Sep 2010
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