From the 1st of April 2020 the way in which Interest and Withholding Tax is reported to the IRD has changed, through an IRD process known as Investment Income Reporting (IIR).
Click here to go to the Investment Income Reporting Overview.
Tax Certificates are generated to report the total Tax earned for Deposits at the end of the Tax Year. There are three steps involved in producing Tax Certificates ready for mailing to Clients and other steps to Reconcile the resulting information.
In New Zealand, Tax Certificate information may be sent electronically to the Inland Revenue Department, using the E-File Export option which creates a file formatted to IRD specifications.
"Negative Credit Interest" transactions of the element type will not appear on IR15 Tax Certificates, but should be advised to the Client via a separate letter. The element can be added by running the New Company Wizard, and checking deposits, or manually under Admin, Elements.