Individual income tax return guide 2011 - Inland Revenue Department

www.ird.govt.nz
47
Question 34 Tax calculation
Use this worksheet to work out the amount of tax to pay
or amount to be refunded.
Copy your taxable income from Box 29 in your return
to Box 1. If the amount is a loss, print “0.00”.
1
Work out the tax on taxable income from pages 45
and 46 in the guide. Print your answer in Box 2. 2
Copy this amount to Box 34 of your tax return.
Add up Boxes 30, 31 and 32 from your return. This is
your total tax credit. Copy this figure to Box 3.
3
Subtract Box 3 from Box 2. Print your answer in
Box 4. If Box 3 is larger than Box 2 print “0.00”.
4
Copy your overseas tax paid, if any, from
Box 17A in your return to Box 5.
5
Subtract Box 5 from Box 4. Print your answer in
Box 6. If Box 5 is larger than Box 4 print “0.00”, then
read overseas tax credits on page 24 in this guide.
Copy your imputation credits, if any, from
Box 14 in your return to Box 7.
7
Copy your excess imputation credits brought
forward from Box 33 in your return to Box 8.
8
Add up your total imputation credits from
Boxes 7 and 8, and print the total in Box 9.
9
Subtract Box 9 from Box 6. Print the answer in
Box 10. If Box 9 is larger than Box 6 print “0.00”, then
read excess imputation credits carried forward on
10
page 44.
Copy your tax credit subtotal from Box 19A
in your return to Box 11.
11
Subtract Box 11 from Box 10.
Print your answer in Box 12.
If Box 11 is larger than Box 10, the result is a credit.
If Box 10 is larger than Box 11, the result is a debit.
6
12
Box 12 is your residual income tax.
Copy this amount to Box 34A of your tax return.
Print any 2011 provisional tax paid in Box 13. 13
(Tick one)
If Box 12 is a credit, add Box 13.
Print the answer in Box 14.
14
This is your refund.
If Box 12 is a debit, subtract Box 13 from Box 12. Print (Tick one)
your answer in Box 14. This is your tax to pay. (If Box
13 is larger than Box 12 the difference is your refund.)
Please copy the answer in Box 14 above to Box 34B of your tax return.
Credit
Debit
Refund
Tax to pay