IR6 Question 27 Refunds and/or transfers
Please be careful to copy the amount from Box 26E to Box 27 correctly.
Direct credit
If you choose direct credit you get your refund faster and you can withdraw your money as soon as it’s credited because there’s no clearance time.
Inland Revenue pay any refund direct into your New Zealand bank account or other deposit account, for example, a building society account as soon as Inland Revenue have processed your return. Make sure your correct account number is printed at Question 6 on the front page of your return.
Overpaid provisional tax
Question 27A
If you’ve made payments towards your 2020 provisional tax and, after completing this return, find you have less or no provisional tax to pay, the overpayment can be included in the amount Inland Revenue refund or transfer. Print the overpaid amount in Box 27A.
Transferring a refund to pay provisional tax
Question 27C
If you’re entitled to a refund you can transfer all or part of it to your 2020 provisional tax. If you want to do this print the amount of the transfer in Box 27C.
Transfers to another taxpayer’s income tax account
Questions 27D to 27F
If you’d like your refund transferred to another account you’ll need to tell Inland Revenue what date you’d like it transferred. The date you choose depends on what tax has been overpaid and whose account you want the credit transferred to. Different rules apply if the other taxpayer is associated to you.
Associated taxpayers
When transferring overpaid tax, associated taxpayers are:
a company you’re a shareholder-employee in
a partner in the same partnership
a relative (for example, child, parent, spouse, or partner)
a trustee of a family trust you’re a beneficiary of.
You can ask for your credit to be transferred at any date as long as it’s not before the relevant date shown below.
Tick “Yes” or “No” at Box 27D to indicate whether the other taxpayer is associated and write their name in the boxes provided.
Write the IRD number of the other taxpayer at Box 27E.
Write the amount you wish to transfer at Box 27F.
Transfer dates
For refunds transferred to your account or an associated taxpayers account:
If the credit is from excess tax deducted (for example, PAYE deducted), it’s the day after your balance date (or 1 April if your balance date is before 31 March).
If the credit is from overpaid provisional tax, it’s the day you overpaid it.
Special rules apply if the return period has had tax pooling refunds transferred in.
For credit transferred to a non-associated person’s account, it’s the later of the day you requested the transfer, or the day after you file your return.
Future transfer dates
If you’d like your credit transferred at a date in the future, attach a note to the front of your return with details of:
the amount you want transferred
the account you want it transferred to, and if it’s the account of the associated person
the date you’d like it transferred.
If you don’t tell Inland Revenue the date you’d like your credit transferred, they will transfer it at a date they think gives you the greatest advantage. Contact Inland Revenue if you’d like to change the transfer date and tell them if this transfer is to cover a debt.
For further information on transfers, read Tax Information Bulletin (TIB) Vol 14, No 11 (November 2002).
Refunds of less than $5
If your refund is less than $5 it will be carried forward to your next tax assessment. Inland Revenue will offset it against any amount you may owe them or add it to any refund. If you don’t want it carried forward, please call Inland Revenue on 0800 377 774.