Cambridge Partners Knowledge Hub:

Helpful Hints for Completing Your Tax Return

There are many things to think about when completing your annual tax return. We have created this guide of hints and resources to help you when completing your returns. Please speak to your Financial Adviser if your situation is complex, and they will be able to recommend a tax specialist for your situation.

Before filing a tax return, please refer to all notes in your tax report as well as the FNZ Tax User Guide. We have listed below the steps to get started filing your tax return.

What you will need
  • Your FNZ tax report
  • FNZ Tax User Guide
  • An Inland Revenue MyIR login (if submitting your tax return online)

Completing your tax return online

To complete your tax return online, you will need a MyIR login. If you do not have a login we recommend contacting Inland Revenue to get this set up.  Details of how to contact Inland Revenue can be found at this link contact Inland Revenue.

Step 1.

On the Inland Revenue homepage you will find the login button at the top of the screen.

Step 2.

Under Income tax click on ‘Returns and transactions’

Step Three – Begin completing tax return

By clicking on ‘File return (due 7 July 2022)’ and you will be able to start completing your 2022 tax return. You will then have to work through the various screens to complete your return.

If you have any issues accessing a tax return to complete within the Inland Revenue system we recommend you contact Inland Revenue directly. If you have not had to file a tax return previously, you may need to let Inland Revenue know that you will need a tax return to be generated within their system so you can file a tax return.

Information to provide to accountant

If an accountant or tax agent files and/or prepares financial statements on your behalf please forward the following onto them:

  • Copy of FNZ Tax Report
  • Copy of FNZ Tax User Guide

If you would like a recommendation of a tax accountant/tax agent to help you prepare your tax return please talk to your Financial Adviser and they will be able to provide you with a recommendation.

Reminders
  1. If you have a joint portfolio, any income and expenses will need to be split in your tax return.
  1. From the 2021 tax year, an individual with PIE income will have this automatically included within their end of year tax return with Inland Revenue and a square up calculated at their correct PIR rate. This may result in a refundable credit, or tax to pay depending on whether a higher or lower PIR was used.
  1. Distributions received from listed PIEs are generally not taxable when received by individuals and trusts. However, individuals on a marginal tax rate of less than 28%, and trusts that have beneficiaries on a marginal tax rate of less than 28%, may benefit from electing to treat the imputed portion of distributions from listed PIEs as taxable.

Resources

Inland Revenue Guides:

FNZ User Tax Guide:

Disclaimer:

We may provide assistance with your individual tax return preparation queries. We are not tax specialists, or acting as your tax agent, and our guidance does not constitute tax advice. We recommend that you consult a tax specialist if you have any questions in relation to your tax obligations. Cambridge Partners Limited will not be held liable for any penalties, costs, expenses, losses or damages you may incur in relation to the filing of your annual return.

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