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What you need to know about investment income reporting

Woman looking at screens that show graphs. A teal title overlaps which reads "Investment income information reporting changes"

Changes are coming – what you need to know

Woman looking at screens that show graphs. A teal title overlaps which reads "Investment income information reporting changes"

Changes are coming – what you need to know

The key changes

Some changes are already in place and others are coming.

  • New investors in a portfolio investment entity (PIE) must now provide their IRD number to the PIE.
  • From 2019, payers of interest income subject to RWT and income subject to NRWT (apart from royalties) will need to report information for the tax years ending 31 March 2019 and 31 March 2020 by 15 May.
  • From 2019, multi-rate PIEs that are not superannuation funds will need to provide their year-end information by 15 May rather than 31 May.
  • From April 2020, more frequent reporting of investment income in an electronic format will be compulsory.
  • From April 2020, the new non-declaration rate for RWT on interest income (45%) will be applicable.

 

Be ready to transition

Reduce your risk of non-compliance by:​

  • Ensuring you note the due dates for the new reporting requirements and changes.
  • Considering moving to the new reporting requirements earlier than the mandatory date of 1 April 2020. You can move to more frequent, electronic reporting any time after 1 April 2019.
  • Deciding which electronic channel will best suit you: online form via myIR, manual file upload via myIR or Gateway web service

 

Learn more about the changes

 

 

Our business transformation plan

Inland Revenue is undergoing a complete business transformation.
The changes are going to allow for a faster, more efficient experience for our customers.

See what our business transformation means for you

 

Contact us

The best way to contact us about these changes is by sending us an email at IRTransformation@ird.govt.nz