Individual income tax return guide 2011 - Inland Revenue Department

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IR 3 INDIVIDUAL RETURN GUIDE
The following income isn’t liable for ACC earners’ levy
– NZ Super – income from a partnership
– income-tested benefits earned by a non-working
– non-taxable allowances partner in that partnership
– student allowances – pensions from superannuation
– veteran’s pension schemes not registered with
– living alone payments the New Zealand Government Actuary
– redundancy payments – overseas pensions
– retiring allowances – rents
– jury and witness fees – estate and trust income
– interest and dividends – royalties
– taxable Māori authority – income attributed to you from a
distributions
– portfolio investment entity (PIE).
Pensions
Don’t include the following pensions or annuities in your tax return:
non-taxable pensions or annuities from either life insurance funds
or superannuation schemes registered with the New Zealand
Government Actuary (eg, Government Superannuation)
pensions that are completely tax-free, such as war pensions (other
than a veteran’s pension).
Any overseas social security pension you receive is taxable. Include it at
Question 17 (see the notes on page 24).
If you receive a United Kingdom national retirement pension and have
joined the special banking option operated by Work and Income, include
the income and tax deducted at Question 11A.
For more information about overseas pensions read page 24.
Question 12 Schedular payments
Schedular payments are generally payments made to people who are
not employees but are employed on a contract basis. All ACC personal
service rehabilitation payments which are paid by ACC or your employer
are classified as schedular payments. Different tax rates apply to
schedular payments, depending on the work done. A full list is available
in the PAYE tables (IR 340 and IR 341) and on the back of the Tax code
declaration (IR 330).
People who receive schedular payments will receive a Summary of
earnings (IR 544) (SOE) detailing their schedular payments received and
the tax deducted. If your SOE shows total schedular income over $200,
you must file an IR 3 return. You can claim expenses against this income
at Question 26.