Keeping up with IRD news and deadlines
From the IRD, in Brief:
Research and development credits timing
If you’re entitled to either a Research and development loss tax credit and/or a Research and Development Tax Incentive (RDTI) credit, here’s when you can expect to receive them. The most efficient way to receive your credit is to include your claim with your tax return. This process usually takes up to 2 weeks.
To find out about claiming go to:
ird.govt.nz/research-and-development/loss-tax-credit/claiming
Research and Development Tax Incentive (RDTI)
File your R&D supplementary return to claim your credit. It must be filed within 30 days of the due date for your income tax return. In some cases, the RDTI credit may be refundable. This process will take up to 8 weeks assuming the required information is presented up front and in the right format. Assessment of claims is complex and is managed across Inland Revenue and Callaghan Innovation.
Variable Tax Rates
FBT Prescribed INTEREST RATES
1 July 2020: 4.5%
Once the prescribed interest rate is set, it applies to all future quarters until it is altered. If no new rate is set for the current quarter then the previous quarter's rate applies.
USE OF MONEY INTEREST RATES (UOMI) FROM 8 May, 2020
Charged by Inland Revenue on underpaid tax: 7%
Paid by Inland Revenue on overpaid tax: 0%