Advice & Tips

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Tips and advice information

Changes to reporting investment income

Anyone who provides benefits or payments in the form of interest, dividends, PIE income, taxable Māori authority distributions or royalties should be aware of these changes. For example, from April 2020 more frequent reporting of investment income in an electronic format will be compulsory.

For more info check out ird.govt.nz/investment-income

Short-process rulings

You can now apply for a short-process ruling. This is a new way to get a binding ruling on how a tax law applies to a situation.

Read more on ird.govt.nz/SPR

We’re moving on from cheques

From 1 March 2020 we will no longer accept payment by cheque, or cheques dated after 1 March 2020, from customers who are able to pay another way.

For more information check out ird.govt.nz/cheques

Research and Development Tax Incentive

This incentive is available from the 2019-20 income year and it features a 15% tax credit on up to $120 million of eligible expenditure.

For information on eligibility and how to enrol see ird.govt.nz/rd-tax-incentive

Rental property ring-fencing

From the 2019-20 tax year new ring-fencing rules will apply. This means that residential property deductions can only be used to offset income from residential property. Rental losses cannot be used to offset other income like salary and wages.

For more information check out ird.govt.nz/ring-fencing

Webinars

We held a webinar recently for tax agents and bookkeepers on what’s changing.

Check out our webinar series, live and on-demand, at ird.govt.nz/webinarsI

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