myIR, payments and more
RWT on interest (IPS)
You must register with us as a resident withholding tax (RWT) payer if you pay more than $5,000 a year in interest, and:
- you pay the interest as part of a taxable activity (such as a trade, profession or business, or an activity carried out by a non-profit body or local authority),
- we've issued you a certificate of exemption from RWT, or
- you're a non-resident but are carrying on a taxable activity in New Zealand through a fixed establishment.
If you're not already registered as an RWT payer, you must contact us and register as soon as your interest paid out for the year exceeds $5,000. You won't have to account for RWT on the interest you paid out before you reached the $5,000 threshold.
How to register
You can register as a payer of RWT:
- in myIR,
- send us the Resident withholding tax - interest payer registration (IR450) form, or
- complete the registration online.
We'll send you the RWT on interest (IR15P) form about two weeks before your payment is due. It'll be pre-printed with:
- your name and address
- your IRD number
- the period that the IR15P covers, and
- the due date for payment.
Use the correct IR15P for the period to avoid any processing delays.
If you have a certificate of exemption
Banks, building societies and trustee companies that have a certificate of exemption must register as RWT payers, regardless of how much resident passive income they pay in a year.
Any taxpayer who holds a certificate of exemption and whose income is (or is estimated to be) more than $2 million for any year must register as a payer if they pay out any resident passive income.
If you don't need to register and you pay interest, you may still have disclosure obligations in your income tax return.
Resident withholding tax (RWT)
Any company, agent or trustee that pays dividends treated as interest can register for RWT:
- in myIR, or
- send us your first RWT dividends treated as interest/Maori authority distributions (IR17P) form.
RWT on dividends (DWT)
We automatically register all companies as dividend RWT payers. Any payments can then be made to a separate RWT account for each company.
Complete an RWT on dividends (IR4K) if you pay dividends.