IR8 Question 11 Tax calculation

Tax calculation details

Use the steps shown on the return to work out the authority’s tax payable. The tax rate for Maori authorities is 17.5 cents in the dollar. This applies to any taxable income shown at Box 10L.

Box 11D

If the imputation credit at Box 11C is greater than the amount at Box 11B, the authority will have to convert the difference to a loss to carry forward, rather than claiming it as a tax credit. Divide the difference between Box 11B and Box 11C by 0.175. This will give you the amount to carry forward as a loss to the authority’s 2021 tax return.

Box 11EA Residential land withholding tax (RLWT) credit

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