Income tax Dates
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MAR 31Final date for ratio option provisional tax applications.
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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.
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MAY 7Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
Some overseas schemes charge penalties if you withdraw or transfer funds early (such as before pension age).
Accessing funds without penalties
You might avoid these penalties by transferring your money into an approved New Zealand scheme but may owe tax on the total amount transferred. However, you may not be able to access the transferred funds to pay the New Zealand tax owing without being penalised. Changes have been made to fix this problem.
Some New Zealand retirement schemes, such as Qualifying Recognised Overseas Pensions Schemes (QROPS), can access your transferred funds to pay the New Zealand tax to us on your behalf without breaking the superannuation scheme rules. This applies to funds transferred on or after 1 April 2026.
You can ask the scheme to directly pay the tax to us from the funds. This is known as 'scheme pays'. This will be a flat, final rate of 28%.
Calculate the taxable amount of the transfer
You will need to calculate the taxable amount of the transfer, called the assessable withdrawal amount, within 10 working days of the transfer, and provide this to your scheme. This is still calculated in the usual way (often using the schedule method).
Scheme pays benefits
Benefits of using scheme pays:
- You do not have to find the funds to pay the tax.
- It will be taxed at a flat rate of 28% which may be lower than your individual tax rate.
- This income will not affect your Working for Families, FamilyBoost, student loan or child support.
- You will not need to include this income in your tax return.