If you own a multitude of investments, or have business income or rental income from properties, then the IRD will require further information.
The IRD seldom gets praise from the general public but, surely, they deserve a pat on the back for developing a simpler system for people to file their income.
They have automated tax return filing, which is great. But it does take some getting used to, and there are times when the IRD isn’t working with the full picture. Still, is this the end of music on hold?
The on-line system is straightforward for those who are simply an employee and have bank interest earnings and a KiwiSaver fund. For you, the IRD’s assessment of your tax position is straight forward.
For others, IRD’s assessment will not be adequate. If you own a multitude of investments, or have business income or rental income from properties, then the IRD will require further information.
The IRD seldom gets praise from the general public but, surely, they deserve a pat on the back for developing a simpler system for people to file their income.
Yes, they capture interest, and dividends from NZ shares, and NZ PIEs (Portfolio Investment Entities), but not all the information regarding foreign investment funds. Neither do they have a simple box to claim expenses that you have incurred such as income protection policy premiums or our portfolio fees which are tax deductible.
If you are using an accountant, they will do the reconciliation between what the IRD has in their system and what your actual tax position is and file your return as normal.
However, if you do your own tax filing, you can correct the IRD assessment online, filling in the gaps and then re-submitting their assessment. Good Luck!
