Tax refund season 2019

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Forums › Finance and wealth management › Tax refund season 2019

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#2252816 6-Jun-2019 10:26

Gordy7:

MurrayM:

My bank (ASB) didn't send me a letter this year with the details of the interest I've earned and the tax I've paid on it. Is this now standard? Do I still have to provide this infor to IRD or does the bank send it to IRD?

I have to file a return because as well as my salaried job (which I pay tax via PAYE) I have extra income via a partnership and I need to declare this to IRD.

I was able to get my savings accounts tax statements online (no letter), however IRD already had these details this year.

Do you use the ASB? I logged into my account on their website but couldn't find a tax statement anywhere. I think I read somewhere that you can request one but there's a $5 fee.

I've just gone back to the IRD site and on my return, step #3, it says "The information below is what Inland Revenue holds for the period 01-Apr-2018 to 31-Mar-2019" and "New Zealand interest received" is ticked. However on step #7 it says "Total gross interest: $0.00" and "Total RWT: $0.00" which indicates to me that they don't have these details.

Confused...

Gordy7

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#2252821 6-Jun-2019 10:34

MurrayM:

Do you use the ASB? I logged into my account on their website but couldn't find a tax statement anywhere. I think I read somewhere that you can request one but there's a $5 fee.

I've just gone back to the IRD site and on my return, step #3, it says "The information below is what Inland Revenue holds for the period 01-Apr-2018 to 31-Mar-2019" and "New Zealand interest received" is ticked. However on step #7 it says "Total gross interest: $0.00" and "Total RWT: $0.00" which indicates to me that they don't have these details.

Confused...

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robcreid

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#2252829 6-Jun-2019 10:58

MurrayM:

My bank (ASB) didn't send me a letter this year with the details of the interest I've earned and the tax I've paid on it. Is this now standard? Do I still have to provide this infor to IRD or does the bank send it to IRD?

I have to file a return because as well as my salaried job (which I pay tax via PAYE) I have extra income via a partnership and I need to declare this to IRD.

After seeing your post I checked my ASB account. It's not easy to find under the website. Click the Menu icon option top left and then Notifications. Much easier to find under mobile app.

In my case the details were sent automatically to IRD and what I see on the ASB site matches what I see under Income Summary on MyIRD.

CrashAndBurn

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#2252867 6-Jun-2019 11:34

There is a $20 interest threshold for ASB before you get a tax certificate which I find dumb. This means you don't get a tax certificate if the total interest is below $20. You will have to request for it. I mean it would not cost them anything extra as the tax certificate is sent digitally. And I am sure most people here have accounts with multiple banks who like me adds up all the interests received from all banks at the end of the tax year.

eracode

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#2252901 6-Jun-2019 12:05

MurrayM:
Gordy7:

MurrayM:

My bank (ASB) didn't send me a letter this year with the details of the interest I've earned and the tax I've paid on it. Is this now standard? Do I still have to provide this infor to IRD or does the bank send it to IRD?

I have to file a return because as well as my salaried job (which I pay tax via PAYE) I have extra income via a partnership and I need to declare this to IRD.

I was able to get my savings accounts tax statements online (no letter), however IRD already had these details this year.

Do you use the ASB? I logged into my account on their website but couldn't find a tax statement anywhere. I think I read somewhere that you can request one but there's a $5 fee.

I've just gone back to the IRD site and on my return, step #3, it says "The information below is what Inland Revenue holds for the period 01-Apr-2018 to 31-Mar-2019" and "New Zealand interest received" is ticked. However on step #7 it says "Total gross interest: $0.00" and "Total RWT: $0.00" which indicates to me that they don't have these details.

Confused...

Mine was the same - re your middle paragraph. Is the account where you earn interest a joint account? If so, it’s likely the IRD want to know how you wish to split the income between the members of the joint account. You need to enter the split amounts of gross interest and RWT yourself.

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Hammerer

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#2252913 6-Jun-2019 12:20

Gordy7:

Waiting for my refund.... How long does it take for a refund to be paid into your bank account?

Within 2 days one week ago. That speed was impressive.

I completed my personal tax return (which included submitting an additional schedule to claim some expenses) on Thursday morning and the refund was in my account on Friday evening.

MurrayM

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#2252962 6-Jun-2019 12:42

robcreid:

MurrayM:

My bank (ASB) didn't send me a letter this year with the details of the interest I've earned and the tax I've paid on it. Is this now standard? Do I still have to provide this infor to IRD or does the bank send it to IRD?

I have to file a return because as well as my salaried job (which I pay tax via PAYE) I have extra income via a partnership and I need to declare this to IRD.

After seeing your post I checked my ASB account. It's not easy to find under the website. Click the Menu icon option top left and then Notifications. Much easier to find under mobile app.

In my case the details were sent automatically to IRD and what I see on the ASB site matches what I see under Income Summary on MyIRD.

Nope, I can't see anything on the ASB's Notifications page, it's all mostly True Rewards stuff for me.

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MurrayM

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#2252964 6-Jun-2019 12:45

eracode:
Mine was the same - re your middle paragraph. Is the account where you earn interest a joint account? If so, it’s likely the IRD want to know how you wish to split the income between the members of the joint account. You need to enter the split amounts of gross interest and RWT yourself.

Nope, not a joint account.

Since the form said they had my interest details I decided to take them at their word and not fill in any details in the interest form fields and submit that. Apparently my return is going through "processing" at the moment. It'll be interesting to see if they accept that or reject it.

MurrayM

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#2252965 6-Jun-2019 12:46

CrashAndBurn:

There is a $20 interest threshold for ASB before you get a tax certificate which I find dumb. This means you don't get a tax certificate if the total interest is below $20. You will have to request for it. I mean it would not cost them anything extra as the tax certificate is sent digitally. And I am sure most people here have accounts with multiple banks who like me adds up all the interests received from all banks at the end of the tax year.

Ah that might be why I can't find a tax cert, I'm pretty sure any interest I would have earned would be below $20.

eracode

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#2253002 6-Jun-2019 13:38

MurrayM:
eracode:
Mine was the same - re your middle paragraph. Is the account where you earn interest a joint account? If so, it’s likely the IRD want to know how you wish to split the income between the members of the joint account. You need to enter the split amounts of gross interest and RWT yourself.

Nope, not a joint account.

Since the form said they had my interest details I decided to take them at their word and not fill in any details in the interest form fields and submit that. Apparently my return is going through "processing" at the moment. It'll be interesting to see if they accept that or reject it.

Would be good if you could report back here once you hear back from them.

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MurrayM

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#2253024 6-Jun-2019 14:07

eracode:

Would be good if you could report back here once you hear back from them.

Sure thing. In the past when I've filed online they've sent me a message saying that they've accepted my return (never had one rejected), and it's usually been in a week or so after I filed it. Hopefully should hear back soon.

eracode

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#2253025 6-Jun-2019 14:09

MurrayM:
eracode:
Mine was the same - re your middle paragraph. Is the account where you earn interest a joint account? If so, it’s likely the IRD want to know how you wish to split the income between the members of the joint account. You need to enter the split amounts of gross interest and RWT yourself.

Nope, not a joint account.

Since the form said they had my interest details I decided to take them at their word and not fill in any details in the interest form fields and submit that. Apparently my return is going through "processing" at the moment. It'll be interesting to see if they accept that or reject it.

@MurrayM I also thought of doing what you have done. I’m confused too. It appears they are holding my interest and dividend income info - but details are not showing in the later pages where dollar amounts should be showing.

I have just sent them an email via MyIR saying: “You have sent me an email saying info is required from me. Your MyIR website has boxes ticked to indicate that you already hold details of my interest and dividend income - but on later pages the boxes for my interest and dividend amounts show $0. I don’t understand what I need to do.”

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MurrayM

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#2253028 6-Jun-2019 14:12

eracode:

@MurrayM I also thought of doing what you have done. I’m confused too. It appears they are holding my interest and dividend income info - but details are not showing in the later pages where dollar amounts should be showing.

I have just sent them an email via MyIR saying: “You have sent me an email saying info is required from me. Your MyIR website has boxes ticked to indicate that you already hold details of my interest and dividend income - but on later pages the boxes for my interest and dividend amounts show $0. I don’t understand what I need to do.”

Yup that sounds exactly like what I saw.

Please let us know if you get a reply back.

Morgenmuffel

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#2255514 10-Jun-2019 18:30

Solved!

I was going through the View return link rather than the edit Return link.

I feel a tad daft shall we say, visions of taxman breaking down my door and taking my secret supply of buzz bars on ice

Morgenmuffel:

Greetings all

Anyone else had issues with this, I had an email saying my return was ready to file, went in, clicked through the various screens, can't seem to select any of the check boxes and unable to progress past the draft stage

Is there a browser issue?

i am using Vivaldi, with ad-blocking turned off

But i also tried with internet explorer for the same result

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Fred99

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#2255877 11-Jun-2019 11:24

Blessed day. Unknown to me, SWMBO's kiwisaver PIR was set at 10% instead of 28%. IRD phones you up first - rather than sending a letter/email out of the blue - or at least they did in this case, maybe 'cause it was a reasonably large amount. Very pleasant staff apparently trained in counselling, to ease you into the shock that you'll have to pay them $$$$. There's time to prepare, still gonna have a three course meal tonight, saveloy stock soup, the saveloys for main, sour grape humble crumble for dessert. (I'm not fond of people who evade taxes - yet here we are - though not deliberately).

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