The annual Maori authority credit account return must be completed for the period 1 April 2019 to 31 March 2020, regardless of your accounting year.
Opening balance
This is the same as the closing balance for 2019. Tick either credit or debit. New authorities will not have a closing balance to bring forward—they should write “0.00” in the box.
Credits
Income tax paid
Include all payments of New Zealand income tax and provisional tax made from 1 April 2019 to 31 March 2020 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.
FDP made
The FDP rules have been fully repealed from 1 April 2017.
RWT on interest received
If the authority received interest with RWT deducted between 1 April 2019 and 31 March 2020, 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 2019 and 31 March 2020, write the total credits in the box.
Other credits
List any other credits made to the Maori authority credit account from 1 April 2019 to 31 March 2020. 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:
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RWT on dividends received
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provisional tax allocated to the authority by an authority in the same group that has overpaid its provisional tax.
Debits
Income tax refunded
Write in the box the authority’s total income tax refunds received from 1 April 2019 to 31 March 2020 for 2005 and subsequent income years. Don’t include any interest on tax received or income tax refunded for any year before 2005.
FDP refunds
The FDP rules have been fully repealed from 1 April 2019.
Maori authority credits attached to distributions paid
If the authority paid distributions from 1 April 2019 to 31 March 2020 with Maori authority credits attached, write the total credits in the box.
Other debits
List any other debits in the Maori authority credit account and write the total in the box. Examples of other types of debits are:
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any provisional tax allocated by the authority to an authority in the same group that has underpaid its provisional tax
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an adjustment for a change in a Maori authority credit ratio.
Maori authority distribution penalty tax
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 2020.