Individual income tax return guide 2011 - Inland Revenue Department
Individual income tax return guide 2011 - Inland Revenue Department
Individual income tax return guide 2011 - Inland Revenue Department
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18<br />
IR 3 INDIVIDUAL RETURN GUIDE<br />
The following <strong>income</strong> isn’t liable for ACC earners’ levy<br />
– NZ Super – <strong>income</strong> from a partnership<br />
– <strong>income</strong>-tested benefits earned by a non-working<br />
– non-<strong>tax</strong>able allowances partner in that partnership<br />
– student allowances – pensions from superannuation<br />
– veteran’s pension schemes not registered with<br />
– living alone payments the New Zealand Government Actuary<br />
– redundancy payments – overseas pensions<br />
– retiring allowances – rents<br />
– jury and witness fees – estate and trust <strong>income</strong><br />
– interest and dividends – royalties<br />
– <strong>tax</strong>able Māori authority – <strong>income</strong> attributed to you from a<br />
distributions<br />
– portfolio investment entity (PIE).<br />
Pensions<br />
Don’t include the following pensions or annuities in your <strong>tax</strong> <strong>return</strong>:<br />
<br />
<br />
non-<strong>tax</strong>able pensions or annuities from either life insurance funds<br />
or superannuation schemes registered with the New Zealand<br />
Government Actuary (eg, Government Superannuation)<br />
pensions that are completely <strong>tax</strong>-free, such as war pensions (other<br />
than a veteran’s pension).<br />
Any overseas social security pension you receive is <strong>tax</strong>able. Include it at<br />
Question 17 (see the notes on page 24).<br />
If you receive a United Kingdom national retirement pension and have<br />
joined the special banking option operated by Work and Income, include<br />
the <strong>income</strong> and <strong>tax</strong> deducted at Question 11A.<br />
For more information about overseas pensions read page 24.<br />
Question 12 Schedular payments<br />
Schedular payments are generally payments made to people who are<br />
not employees but are employed on a contract basis. All ACC personal<br />
service rehabilitation payments which are paid by ACC or your employer<br />
are classified as schedular payments. Different <strong>tax</strong> rates apply to<br />
schedular payments, depending on the work done. A full list is available<br />
in the PAYE tables (IR 340 and IR 341) and on the back of the Tax code<br />
declaration (IR 330).<br />
People who receive schedular payments will receive a Summary of<br />
earnings (IR 544) (SOE) detailing their schedular payments received and<br />
the <strong>tax</strong> deducted. If your SOE shows total schedular <strong>income</strong> over $200,<br />
you must file an IR 3 <strong>return</strong>. You can claim expenses against this <strong>income</strong><br />
at Question 26.