Interest and resident withholding tax (RWT) disbursement – income equalisation (EQU) periods

As part of the reserve scheme upgrade in March 2025, interest on previous withdrawals will be recalculated. This may affect some customer accounts in these ways:

• debit write-offs on income equalisation (EQU) periods
• credits, which should have been refunded at the time of the original withdrawal.

The interest will recalculate from the day after the original withdrawal until 3 September 2025. The affected EQU periods will be adjusted and any credit refunded to the bank account we have on record.

Refunds and interest

Please note the points below:

• Customers without an EQU bank account will need to update their bank account details before the credit can be refunded.
• If the refund amount is less than $1, the credit will not be automatically released and must be requested manually.
• For ceased customers (including those who are deceased or struck off), no further interest will be applied.

We’ll send a letter to customers who receive a disbursement noting the refunded amount. This letter will include a yearly breakdown of credit interest and resident withholding tax (RWT).

All amounts must be included in the 2026 income tax return.