The 2023 individual income tax season is quickly approaching. This is a reminder not to file any clients' IR3 returns until all reportable income has been filed with Inland Revenue, including portfolio investment entity (PIE) income information. Portfolio investment entities have until 15 May to provide this to us.
IR3s should not be filed before June, unless you are certain the customer does not have:
- salary and wages
- investment income, such as bank interest
- dividends
- PIE income (including KiwiSaver).
If you are filing an IR3 through gateway services, reportable income may be pre-populated into individual income tax returns. Not all software pre-populates PIE income when filing returns through gateway services, so you will have to check what your software provider offers.
Alternatively, you can confirm reportable income, including PIE income received, using myIR in the income profile from late May.
PIE income will pre-populate into individual tax returns filed in myIR from late May each year.