Ir3 tax return question

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Forums › Finance and wealth management › Ir3 tax return question - dividends

mb82

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#285771 16-May-2021 23:07

My ir3 form has auto filled dividend info under ‘New Zealand Dividends’ :

Total gross dividends
Total dividend RWT/payments for foreign dividends
Total dividend imputation credits

I also have some dividends from Australian companies listed on the nzx (ANZ & WBC). WBC payment sheet shows the franked amount, franking credit, nzd converted amount, nz imputed credit and aggregate of dividend & nzic. Similar to anz info AUD gross amount, nzd paid amount, franking credit.

I also have a reinvested ‘dividend’ distribution payment from a smartshares fund ‘paid under the pie tax regime’ which gives total amount payable for distribution, grossed up distribution and imputation credits value.

I also have the usd value for some dividends of US shares.

What and how (if anything) from the au shares / smartshares / US shares should I add to the prefilled info from the nz shares? Or does none of it need to be added as they are not nz dividends and the smartshares fund is paid under pie.?

Do I have to include this income somewhere else?

Does it make a difference if it is re-invested vs paid to bank account?

eracode

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#2708264 17-May-2021 02:46

I really think you need to consult a tax advisor or Chartered Accountant.

Your faith in GZ is admirable. However, as brilliant as GZ is, IMO this isn’t a great place to ask such technical tax questions.

There may be some people here who are competent to give you correct answers - but those answers may equally well be mixed up with incorrect advice from well-meaning but non-expert people. (Just witness the confusion in the recent thread on Sharesies and shareholder voting rights).

You may end up not knowing which advice is correct and which isn’t - a dangerous situation for you if you rely on a wrong one when reporting to IR. You could even possibly end up with several pieces of advice, none of which are correct - how would you know? You need to be sure that you get it right first time.

A professional advisor should get it right first time - and then you’d have recourse to them if they don’t.

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

afe66

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#2708360 17-May-2021 11:40

I have lots of pie smartshares.

If the pie rate is correct you don't need to list them on your tax return at all.

mb82

227 posts

Master Geek
+1 received by user: 16

#2708741 17-May-2021 23:17

eracode:

I really think you need to consult a tax advisor or Chartered Accountant.

Your faith in GZ is admirable. However, as brilliant as GZ is, IMO this isn’t a great place to ask such technical tax questions.

There may be some people here who are competent to give you correct answers - but those answers may equally well be mixed up with incorrect advice from well-meaning but non-expert people. (Just witness the confusion in the recent thread on Sharesies and shareholder voting rights).

You may end up not knowing which advice is correct and which isn’t - a dangerous situation for you if you rely on a wrong one when reporting to IR. You could even possibly end up with several pieces of advice, none of which are correct - how would you know? You need to be sure that you get it right first time.

A professional advisor should get it right first time - and then you’d have recourse to them if they don’t.

Considering total dividends received is less than $50, I think not. I was almost going to mention this expected response in the original post, it bugs me a little when you ask for help and have to explain yourself because you just get told to hire a professional, if I was in a position to do that I wouldn't be asking in the first place but I am sure you mean well, this whole topic is prefaced with a warning that it is not professional advice. I am happy to navigate and fact check responses myself. I don't believe it is complicated I just want to clarify how foreign dividends should be classified as I haven't done it before.

eracode

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#2708746 18-May-2021 03:24

@mb82 You asked for advice on what are reasonably complex tax questions - in a forum that is not well-suited to such questions. I took your queries seriously and in good faith gave you what I believe was correct and good advice, in the context of your OP. For you to now get snarky and reveal that the total dividends amount to less than $50 is frankly ridiculous. If you had mentioned that in your OP, I wouldn’t have bothered replying at all. As it stands now I regret wasting time on my post.

It will be interesting to see what further advice you receive here now that the scale of your problem is known.

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

eracode

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#2709382 19-May-2021 04:29

I shouldn’t be bothered posting again but just to emphasise how silly this is, the amount of tax on which the OP is seeking advice is less than ~$15.

When you re-read the opening post, in the light of this figure its scope is almost funny.

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

BlinkyBill

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#2709405 19-May-2021 08:18

The OP should search the IRD website for answers, they are there and took me less than two minutes to find.

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mb82

227 posts

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#2711253 22-May-2021 12:00

eracode:

I shouldn’t be bothered posting again but just to emphasise how silly this is, the amount of tax on which the OP is seeking advice is less than ~$15.

When you re-read the opening post, in the light of this figure its scope is almost funny.

I thought one of the main points of a forum was to voluntarily share give and receive info/help from other users. I don't see how the value is relevant pretty sure the ird don't either, I am wanting to learn how to do it, just because that is the value this year does not mean that will be the case in the future, if you are not willing to help why bother posting. Your tagline checks out.

BlinkyBill:

The OP should search the IRD website for answers, they are there and took me less than two minutes to find.

Whether you have found something I haven't or have the understanding of it without the need for clarification because you already know the answer, good for you.