Your assessment will be automatically calculated if we have all your income information for the tax year (1 April to 31 March). This article covers all about Automatically Issued income tax assessments.
We’ll send you Automatically Issued income tax assessments if your income is from:
- employment
- investments (bank deposits or savings interest)
- a benefit under an employment share scheme.
This includes income from:
- salary or wages
- NZ Superannuation
- schedular payments
- income-tested benefits
- interest or dividends
- taxable Maori authority distributions
- benefits under an employee share scheme.
Your assessment shows if you are due a refund or if you have tax to pay. In some situations we will automatically write-off tax owing.
What you need to do
Check the income tax assessment and tell us about any changes. If it’s correct and you have no tax to pay you do not need to do anything else.
You need to tell us about:
- changes to your contact information
- changes to your bank account details
- any income over $200 (before tax) you received that is not showing on your assessment.
You can update your details anytime in myIR.
What happens next
If you tell us about changes, we’ll update your account and send you a new income tax assessment.
Are you due a refund?
We’ll pay your refund into the bank account you gave us. We’ll let you know if we need your bank account details. You can update these in myIR.
We pay refunds from mid-May to the end of July when we process income tax assessments. These are processed in batches so not everyone will get theirs at the same time.
If you think you’re due a refund for the 2017 or 2018 tax year, you can check in myIR. You’ll need to request a personal tax summary for that year. If your personal tax summary shows you did not pay enough tax in that year, you’ll need to pay it.
Do you have tax to pay?
Most people need to pay their tax by 7 February. If you have a tax agent with an extension of time, you need to pay your tax by 7 April. If you have a non-standard balance date your due date may be different.
Common reasons for paying too much or too little tax during the year
Common reasons include:
- your income changed a lot during the year
- some of your income was not taxed correctly, for example you used a wrong tax code or your prescribed investor rate (PIR) was too low for your KiwiSaver or other portfolio investment entity (PIE) income
- small rounding differences each pay, which could result in a small refund or tax to pay.
- Change my income tax assessment details
- Automatic write offs
Sometimes when you have tax to pay, we can automatically write-off the amount owing. - Request for more information – income tax assessment
We’ll send you a request for information when we want to check if you have other income to tell us about or expenses to claim.