IR3NR Question 21 New Zealand self-employed income

If you received any income from self-employment between 1 April 2019 and 31 March 2020, show it at Question 21.

Prepare a summary of details

You can use:

• your financial records

• the Farming income (IR3F) form for agricultural businesses

• the Business income (IR3B) form for other businesses

• the Financial statements summary (IR10) form.

Attach one of the above forms to your return and print profit (net income) in Box 21.

IR 10

The Financial statements summary (IR10) is a short form of the financial statements of a business. Use an IR10 and speed up processing of the return. Inland Revenue don’t need a set of financial accounts if you use the IR10. You still need to complete a set of financial accounts and keep them in case Inland Revenue ask for them later.

For help with filling out the IR10, please see the IR10 guide (IR10G).

Keep your receipts with your records in case Inland Revenue ask to see them too.

Question 21a Residential land withholding tax (RLWT) credit

If you are an “offshore RLWT person” and have sold or transferred residential property located in New Zealand, RLWT may have been deducted from the sale price. You should have received a statement on the completion of the sale process showing the amount of RLWT deducted. You can claim a credit for any RLWT deducted. Show the amount of RLWT deducted, less any RLWT paid back to you and/or transferred to outstanding amounts during the income year.

If there was more than one amount of RLWT deducted, show the combined amount, less any RLWT paid back to you and/or transferred to outstanding amounts during the income year.

Show the name of your withholder(s) in the “name of payer” box.