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Applying for an exemption from RWT

Under certain circumstances, you can apply for a certificate of exemption from RWT (resident withholding tax). If you have an exemption certificate, you are paid the full amount of interest or dividends, with no RWT deducted.

Who may qualify for an exemption

  • non-profit organisations
  • taxpayers with income over $2 million
  • taxpayers with losses to carry forward
  • financial institutions.
Note

If we issue you a certificate because you expect to have income over $2 million you will need to reapply each year.

How to get a certificate of exemption

You need to complete an Application for exemption from resident withholding tax (RWT) on interest and dividends (IR451) and send it to us. .

If your certificate is cancelled

If your certificate of exemption is cancelled you must give written notice of the cancellation to any interest or dividend payers within five working days of receiving the notification.

Your certificate may be cancelled if you:

  • no longer meet the conditions it was issued for
  • have provided misleading information in the application for the certificate
  • do not meet the $2 million target (where the certificate was issued on the basis of estimated income of more than $2 million) or fail to supply satisfactory evidence of annual income
  • fail to pay any income tax payable by the due date for payment.