IRD recording of dividends

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Forums › Finance and wealth management › IRD recording of dividends

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eracode

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#3228593 10-May-2024 11:12

concordnz: I still think all the 'existing' Shares/dividends, will likely still be allocated to the original (single) IRD number,

and only 'new shares' purchased after the date of providing the 2nd IRD number, are likely to be split 50/50.

You could well be right - that had crossed my mind too.

Accordingly I have just emailed them saying: “Could you please confirm that, now that we have two holders’ IRD numbers recorded at Computershare, you will forward split dividend income information to IR.”

Sometimes I just sit and think. Other times I just sit.

eracode

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#3228749 10-May-2024 14:28

eracode:

concordnz: I still think all the 'existing' Shares/dividends, will likely still be allocated to the original (single) IRD number,

and only 'new shares' purchased after the date of providing the 2nd IRD number, are likely to be split 50/50.

You could well be right - that had crossed my mind too.

Accordingly I have just emailed them saying: “Could you please confirm that, now that we have two holders’ IRD numbers recorded at Computershare, you will forward split dividend income information to IR.”

Computershare replied saying:

“In future, the IRD will allocate the dividends between the two IRD numbers. This includes any payments that will be made in future by any of the companies you currently jointly hold shares in. And any new shares that you might purchase jointly in the future.”

Result.

However we still need to see the proof of the pudding.

Sometimes I just sit and think. Other times I just sit.

eracode

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#3309224 15-Nov-2024 07:44

eracode:

eracode:

concordnz: I still think all the 'existing' Shares/dividends, will likely still be allocated to the original (single) IRD number,

and only 'new shares' purchased after the date of providing the 2nd IRD number, are likely to be split 50/50.

You could well be right - that had crossed my mind too.

Accordingly I have just emailed them saying: “Could you please confirm that, now that we have two holders’ IRD numbers recorded at Computershare, you will forward split dividend income information to IR.”

Computershare replied saying:

“In future, the IRD will allocate the dividends between the two IRD numbers. This includes any payments that will be made in future by any of the companies you currently jointly hold shares in. And any new shares that you might purchase jointly in the future.”

Result.

However we still need to see the proof of the pudding.

Just to close this off, following the NZ final dividends 'season' that ended a month or so ago, IRD are now correctly recording our dividends received on jointly-owned shares, allocating 50/50 between Mrs Code and me - rather than 100% to Mrs Code, which they had been doing for the past ~15 years.

Not a big thing but it's good to get things done properly. The fix was to get the Share Registry to record our two separate IRD numbers - rather than the one they had originally - and to report figures for each IRD number to IRD. The old situation was originally unwittingly instigated by us - the other parties were not at fault - and IRD just records the info they receive.

I know it all sounds bleedingly obvious now - but it wasn't at all obvious when we bought the shares. Even though the shares were purchased in joint names, the Registry asked for the IRD number that was to be associated with the shares. They didn't say "... number, or numbers, ..." so we gave them one number (Mrs Code's, because she was on a lower tax rate at the time). We weren't aware that we could have given them both numbers.

Sometimes I just sit and think. Other times I just sit.

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