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Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

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Resident Withholding Tax exemption register

Written by Greg Millar on March 9th, 2020.      0 comments

Resident Withholding Tax exemption register

Inland Revenue has introduced a new online RWT exemption register that lists the IRD numbers of all customers who are exempt from having RWT deducted from the interest and dividends they receive.

budget financials laptop-902Currently, IRD issues successful applicants with a certificate of exemption from RWT. This process will remain in place until 31 March 2020.

From 1 April 2020, payers of investment income (e.g. payers of interest and dividends) will access the register to confirm which of their customers have RWT exempt status. The IRD will no longer ask for or accept physical certificates of exemption.

The register: 

  • is automatically populated by Inland Revenue
  • identifies customers only by their IRD number
  • can be searched by exemption status, IRD number and when the information was last updated
  • is updated overnight every business day (Monday to Friday) – so it provides near real-time information

Payers can use the register now to verify if a customer has an exemption, or to check the exemption status (e.g. cancelled, revoked or end-dated (expired)). 

If a customer has an exemption under an Act that is not administered by Inland Revenue, they may need to apply to us to be included on the register.

If you are a charity registered with Charities Services you do not need to apply for RWT exempt status. IRD will automatically put you on the register.

Find out more and access the register at www.ird.govt.nz/rwt-exemption or contact the Alliotts team of accountants in Auckland on 09 520 9200.
 

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