We may share information about overdue tax owed by companies with approved credit reporting agencies.
These agencies can include details of the overdue tax in the credit reports they prepare for their clients.
Lenders and other businesses can then use the reports to make informed decisions when they provide credit or enter into financial arrangements.
When we can share tax debt information
We’ll only share information with approved credit reporting agencies when the debt relates to company:
- income tax
- GST
- PAYE deductions, including employer superannuation contribution tax (ESCT), retirement scheme contribution tax (RSCT), child support, student loan and KiwiSaver deductions.
The debt must be more than $150,000, or overdue for at least 12 months and 30% or more of the company's assessable income in the last 12 months.
The other conditions are:
- the debt is not formally under dispute
- we have made reasonable efforts to collect the debt
- there are no applications for relief or remission under consideration
- the debt is not covered by a formal instalment arrangement
- we have notified the company that we intend to share its tax debt information
- the company has been given 30 days to pay the debt or enter into an instalment arrangement.
How to avoid disclosure
If your company has overdue tax, we’ll notify you before we share information with a credit reporting agency.
We’ll give you every opportunity to resolve the debt, by paying it in full, or entering into an approved instalment arrangement within the 30-day notice period.
Do you prepare credit reports for clients?
You can apply to become an approved credit reporting agency.