Income tax Dates
MAR 31Final date for ratio option provisional tax applications.
APR 7End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return.
MAY 8Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
Partnerships can hold investments in portfolio investment entities (PIEs). Each partner has tax obligations in relation to their share of the income from the investment.
If a partnership invests with a multi-rate PIE (MRP), the investment should be split so that each partner can provide the MRP with their own IRD number and prescribed investor rate (PIR).
New investors have 6 weeks to provide their IRD number to the MRP. Otherwise the MRP will close their account and refund their investment.
For income attributed during the 6 weeks, the MRP will:
- work out tax using the default rate and pay this to us
- include any net balance in the refund of an investment.
If partners do not provide the MRP with their PIR, the default rate of 28% will be used.
Partnership prescribed investor rates
Limited partnerships are not treated as separate entities under the PIE rules.
The following PIRs apply to partners in partnerships:
|Investor||Prescribed investor rate|
|Individuals||10.5%, 17.5%, 28%|
|Partners who are trustees||0%, 10.5%, 17.5%, 28%|