The end of the tax year has arrived and if you are self-employed, you must file a tax return.
The good news is that you can do everything online and it is now even easier.
You should file an IR3 return if you received any of the following types of income: (a) rental income (b) business income (c) self-employed income (d) income from overseas (e) income from a partnership, estate, or trust (f) income from scheduler payments (formerly withholding payments) (g) other income that have not had the full amount of tax deducted during the year
We will send you an IR3 return by the end of May if you have filed an IR3 return in the last two years.
If you do not receive a return in the mail, please ask us, or you can easily file online.
If you are not sure whether you should file a tax return, you can check using our online calculator. Go to www.ird.govt.nz and follow the links: “Work it out/Income tax/Do you need to file an IR3 return?”
If you have the standard March 31 balance date, your IR3 should be completed and filed by July 7, unless you have a tax agent with an extension of time arrangement.
You should have your IRD number and details of all your income, including interest and dividends.
If you are liable to pay tax, you should do so by February 7, 2014, unless you use a tax agent or accountant in which case, the last date would be extended to April 7, 2014.
Why not make it easier and file online?
You can do everything you need to with a myIR online account.
When you file online, many of the details are pre-populated and you can save drafts part way through.
To find out more about filing your return and register for online services, visit www.ird.govt.nz, and click on the “Register now” button in the top right section of the homepage.
Free Workshops
If you are in business, you may like to attend one of our free tax seminars or workshops held in various parts of the country. Please visit our website for details.
Abdul Rafik is Inland Revenue’s Community Relationships Advisor based in Auckland. He will answer your queries emailed to venkat@indiannewslink.co.nz
KiwiSaver clarification
A number of readers were keen to know if they increase their ‘KiwiSaver Employee Contribution’ from 3% to 5%, following Mr Rafik’s column that appeared in our March 15, 2013 issue.
Mr Rafik replies:
Currently, members can only have KiwiSaver deductions of 2%, 4% or 8% made from their gross salary and wages, which are then passed through to Inland Revenue via their employer’s monthly schedule.
Members can make voluntary payments direct to their KiwiSaver account by arranging this with their scheme provider. Members can also make voluntary payments to Inland Revenue (although not through the employer schedule) which are then forwarded on to their scheme provider.
