Individual income tax return guide 2011 - Inland Revenue Department

www.ird.govt.nz
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ACC earners’ levy
Shareholder-employee remuneration or director’s fees without PAYE
deducted are liable for ACC earners’ levy. The company should deduct
earners’ levy from your remuneration or director’s fees when declared.
ACC will invoice the company for this.
Question 21 Rents
Show income you received from rents between 1 April 2010 and
31 March 2011 at Question 21.
Prepare a summary of the details for each rental property. You can
use either:
––
the Rental income (IR 3R) form, which asks for all the information we
need, or
––
your own summary.
You’ll no longer receive an IR 3R form in your taxpack if you showed
rental income in your 2010 tax return. If you need an IR 3R form, you can
print a copy off our website www.ird.govt.nz.
If you prepare your own summary, please refer to the IR 3R form or our
guide Rental income (IR 264) to see what to include.
What to show in your return
Add up the net rents (total rents after expenses) and print the total in
Box 21. Attach the IR 3R, or your summary, to the top of page 3 of your
return.
Keep your receipts with your records in case we ask to see them later.
Question 22 Self-employed income
If you received self-employed income between 1 April 2010 and
31 March 2011, show it at Question 22.
Schedular payment income
Don’t show any schedular payment income at Question 22. This income
is declared at Question 12. If you’re an ACC client or caregiver and
received ACC personal service rehabilitation payments, please read the
information on page 61 before you complete Question 12.
You can claim expenses and deductions against many schedular payments
at Question 26—see page 36.