When transferring tax, depending on the transaction you may be asked for evidence of liability. Typically this would be when funds are being transferred to a closed tax-pooling period.
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.
Transferring deposits 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.
Closed income tax years
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.