If your client receives joint investment income, such as bank interest from a joint account with other people, our system may not allocate the correct percentage for their share of the income. For example, if the payer of the investment income only has 1 person’s details, our system will allocate 100% of the investment income to them.
For the 2021 tax year onwards, you can update the ownership percentage for your clients in myIR any time during the year, as long as there is some of this income showing already. To update this in myIR, go to your client’s Income tax account and from the Summary tab select:
- Earning summary – View details button
- Update investment percentage (under the ‘I want to…’ menu).
This will change the percentage for that client only, so you’ll need to update it for each client getting joint income from the same source.