This article will summarise why we ask for evidence for certain transactions, what needs to be uploaded and where you can do this.
As tax pooling can only be used for specific circumstances, this means that we need to check some transactions prior to them being sent across to IR.
AML can now be uploaded directly in the portal for transfers from the tax pool to IR to help save time when sending funds into a closed year.
For transferring deposit (own funds) into a closed year (including future income years), please provide us with a snippet of the tax year in MyIR for the taxpayer, showing that there is still an outstanding principal liability.
For closed income tax years, purchased funds can only be transferred if voluntary disclosure has resulted in an amended assessment from IR, the client is subject to reassessment, or under Commissioner's discretion. Therefore, we require evidence of the confirmation letter from IR including the amended assessment amounts prior to releasing the funds to IR.
Once you have uploaded the evidence, one of the team will review it and approve the transaction. If we have any questions or need further information, we will reach out directly to the agent who has created the transfer transaction.
If you would prefer to send us evidence over email or have multiple documents you would like to attach, please send these to team@taxtraders.co.nz.