CHANGES TO INVESTMENT INCOME REPORTING INFORMATION
Inland Revenue (IR) is in the process of changing the way investment income is reported to them. This now requires details of investment income paid to you (and tax withheld on it) to be reported to the Inland Revenue more regularly. Therefore, we will now be required to report to the Inland Revenue every month after we have paid your investment income to your Craigs Investment Partners account.
Key changes for those that receive investment income:
- This is the last year we will send you an annual RWT / NRWT certificate. From 1 April 2020, we'll report your interest and tax details directly to IRD each month. You will be able to view this information on your myIR account, by visiting ird.govt.nz.
- You will be able to login to your myIR to track your investment income.
- From 1 April 2020, the non-declaration Resident Withholding Tax (RWT) rate that applies to customers who have not provided us with their IRD number will increase from 33% to 45%. Those clients who have not provided us with their IRD number already, will have been contacted by your investment adviser. However – if you are in doubt, then please reach out to your Adviser Assistant. If you do not know your IRD number, or need to apply for one, visit ird.govt.nz or call IRD 0800 227 774.
- If you have a joint investment account, the IR will now be splitting all investment income across all account holders who have provided the Inland Revenue with their IRD number to their payer.
- If you would like to change allocations on your joint investment account, you will be able to do this online via your myIR or your income tax return. To find out how to complete this visit www.ird.govt.nz/investment-income.
- If you are a charity and registered with Charities Services then you will not be required to apply for RWT exempt status, as the IR will automatically put you on the register.
To find out more about changes the Inland Revenue are making and how it may affect you visit their website www.ird.govt.nz/investment-income or if you have any questions around these changes please contact your Investment Adviser. Please note, that as a financial institution we do not provide tax or accounting advice. You should consult your tax or accounting adviser should you have any questions around how these changes may impact you.