IR8 Annual Maori authority credit account return (applies to IR8 and IR8J)

 This is the same as the closing balance for 2018. Tick either credit or debit. New authorities will not have a closing balance to bring forward—they should write “0.00” in the box.

Include all payments of New Zealand income tax and provisional tax made from 1 April 2018 to 31 March 2019 that were for 2005 and subsequent income years. Don’t include any FBT, ESCT, interest on tax, late payment penalties, imputation penalty tax or RWT.

The FDP rules have been fully repealed from 1 April 2018.

If the authority received interest with RWT deducted between 1 April 2018 and 31 March 2019, write the total RWT in the box.

Imputation/Maori authority credits attached to dividends/distributions received

If the authority received dividends/distributions with imputation credits/Maori authority credit attached between 1 April 2018 and 31 March 2019, write the total credits in the box.

List any other credits made to the Maori authority credit account from 1 April 2018 to 31 March 2019. Use a separate sheet of paper if there isn’t enough room and attach it to the top of page 5 of the return. Write the total in the box. Examples of other types of credits are:

• RWT on dividends received

• provisional tax allocated to the authority by an authority in the same group that has overpaid its provisional tax.

Write in the box the authority’s total income tax refunds received from 1 April 2018 to 31 March 2019 for 2005 and subsequent income years. Don’t include any interest on tax received or income tax refunded for any year before 2005.

The FDP rules have been fully repealed from 1 April 2018.

If the authority paid distributions from 1 April 20172018 to 31 March 2019 with Maori authority credits attached, write the total credits in the box.

List any other debits in the Maori authority credit account and write the total in the box. Examples of other types of debits are:

• any provisional tax allocated by the authority to an authority in the same group that has underpaid its provisional tax

• an adjustment for a change in a Maori authority credit ratio.

If the closing balance is a credit, there is nothing to pay. If the closing balance is a debit, it must be paid by 20 June 2019. Penalty tax of 10% of the debit closing balance is also payable by that date. Work out the 10% penalty. If it exceeds $100 and isn’t paid by 20 June 2018, late payment penalties will apply. For every month the amount remains unpaid, a further incremental penalty will also apply. Inland Revenue will also charge interest on any outstanding amounts.