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Ngā whakaritenga pūrongo mā ngā kamupene kua kore i te kainoho mō ngā kaupapa take New reporting requirements for companies that cease being resident for tax purposes

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The reporting requirements for investment income are changing. Payers of investment income can keep using the existing rules until 1 April 2020. All businesses and organisations will need to follow the new rules from that date.

Businesses and organisations that are registering for the first time may want to follow the new rules immediately to save having to change systems and processes on 1 April 2020.

You will need to register as a payer of resident withholding tax through myIR. Once you are registered you will need to elect into the new investment income regime.

This page describes the new requirements.

Information requirements

If your company ceases to be a resident for tax purposes you need to send us the:

  • name, IRD number and contact address of the company
  • total amount of dividends paid
  • total amount of tax withheld
  • total amount of imputation credits provided
  • imputation ratio.

The following information is required for each of the income recipients who received dividends:

  • their name
  • their contact details (email, street address or mobile phone number)
  • the amount and type of income paid to them
  • the tax withheld from the income
  • the date the tax was withheld
  • the imputation credits attached, if any.

If it is available, you need to provide the following information for each of the income recipients who received dividends:

  • their IRD number
  • their date of birth
  • the tax rate they provided.

You must provide the name of any joint owners. If held, you also need to provide the following information for any joint owners:

  • their IRD number
  • their date of birth
  • their contact address.

You will need to report this electronically unless you have an exemption.

This is all due within 3 months of your company ceasing to be a resident for tax purposes.