IR3NR Question 23 Other New Zealand income

If you received any other income between 1 April 2019 and 31 March 2020, show it at Question 23. This includes:

the sale of shares or other property
the sale or redemption of securities
cash jobs, tips, payments made “under the table”, bartering or income from an illegal enterprise.

Income from the sale of shares or other property

The profits are taxable if you bought:

and sold shares or other property as a business
shares or other property for the purpose of resale.

Print the total profit in Box 23. Attach a note with the details of your income and expenses from these sales to your income tax return.

If you’re not sure if your income from the sale of shares or other property is taxable, please contact Inland Revenue.

Sale or disposal of assets

If you sold or disposed of a depreciated asset for more than its adjusted tax value, please read the guides Depreciation (IR260), General depreciation rates (IR265) or Historic depreciation rates (IR267).

Losses from the sale of land, buildings, shares or other property

If you made a loss and can show that if you’d made a profit it would have been taxable, you may be able to claim the loss as a deduction. If the property was taxable under the bright-line test, any excess deductions can’t be claimed unless they can be offset against net income from other property sales. The Property sale information (IR833) form has more information on this.

For more information on property sales see the guide Buying and selling residential property (IR313).

Enter the loss in Box 22B.

If you’re not sure if you can claim a deduction for a loss, please contact Inland Revenue.

Investments in portfolio investment entities (PIEs)

If you have an investment in certain PIEs that use their investor’s prescribed investor rate (PIR) to calculate the PIE’s income tax, you’re required to use the 28% PIR for the 2020 income year. This will mean that the income does not get included in your tax return.

If the PIE has deducted tax at a lower PIR, you’re required to pay the tax shortfall. You’ll need to attach details to the return.