Find out whether you need to file and what recent changes may affect how you complete your income tax return for the tax year ended 31 March 2024.
How to file
The quickest and easiest way to file your income tax return is to do it online, using myIR. If you don’t have a myIR account, you can register for one on the Inland Revenue website.
Filing online using myIR means the details Inland Revenue already holds for you, or the organisation you’re filing for, will be pre-populated. You’ll receive immediate confirmation that your return has been received.
What to file
The type of income tax return you need to file will depend on your situation.
If you’re earning income other than salary and wages, for example any self-employed income, rental income and income from cash jobs, you’ll need to file an IR3 income tax return to declare this.
If you’re running a business or organisation, for example a partnership, company, trust/ estate, Māori authority or a club/ society, you’ll need to file a return to account for any income these organisations earn.
Additional information that may be required
Leave subsidy payment
If you received the leave subsidy payment, you’ll need to check if this is populated in your return, and if not, declare it.
Claiming mortgage interest for rental properties
For the 2023-2024 tax year, interest limitation rules still apply to residential rental properties, unless an exclusion or exemption applies. Check if the rules apply to your rental property.
Trust reporting requirements
Most trusts are required to provide more information in their annual IR6 trust income tax return. Check if these reporting requirements apply to your trust.
Source: employment.govt.nz
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