We’ve recently made some improvements to the way we manage New Zealand foreign trusts (NZFTs). The changes allow you to file, make payments and manage your foreign trust details in myIR.
New Zealand foreign trusts in myIR
We’ve added a new section for New Zealand foreign trusts (NZFTs) to myIR. This allows you to:
- manage your account details online, including the connected persons details
- view previously provided NZFT information
- file your annual returns and make payments in myIR
- send messages to us about NZFT in myIR
- receive automatic reminders 20 days before your return is due
- apply for an IRD number for your trust, then an 'NZ foreign trust account' in myIR
- cease an NZFT registration.
Registering a New Zealand foreign trust
You can now apply for an IRD number for your trust, then register for the NZFT account and upload all relevant documents in myIR. You'll be able to pay the registration fee at the same time as you apply.
Change to the payment process
There are some changes to how NZFT payments can be made and received.
Debit and credit card payments will continue to be available.
You'll be able to set up direct debit payments with us.
If you're making direct credit payments to us through internet banking, NZFT payments must be made to our bank account 03-0049-0001100-27. We recommend using the pay tax function provided by most New Zealand banks.
Use the following details when making a direct credit payment to us.
Your IRD number. If you have an 8-digit IRD number put a '0' at the beginning.
(For this type of payment, you do not need to include the time period.)
If you're a registered tax agent who manages NZFTs on behalf of your clients, you'll be able to link to their NZ foreign trust accounts and file or update their details in myIR. You can also register a new NZFT with an IRD number and an NZ foreign trust account in myIR. You may wish to consider creating new client lists with different levels of access or new myIR logins for your staff who handle foreign trusts, where appropriate.
The linking process is the same as what you do for other tax types, under Client maintenance in myIR.
myIR Secure Online Services
Trust service providers (non-tax agent)
If you manage NZFTs under a trustee company for a number of trusts, you can gain online access to the new NZ foreign trust accounts in myIR.
You will need to be a trustee and use the ‘trustee to trust’ link to gain access.
You'll only be able to access another account if you have an existing relationship with it showing in myIR. You may wish to consider creating new myIR logons for your staff who handle NZFTs, where appropriate, in preparation. Linking to an associated account only lets you see the person or entity’s myIR information. It does not mean they can see your myIR account.