Individual income tax return guide 2011 - Inland Revenue Department

48
IR 3 INDIVIDUAL RETURN GUIDE
Excess imputation credits carried forward
Imputation credits are treated differently from RWT. If you received
dividends from a New Zealand company that gave you imputation
credits or an Australian company that gave you New Zealand imputation
credits, you may have excess imputation credits to carry forward. This
will only happen if your total imputation credits (including any excess
imputation credits brought forward from 2010) are greater than your
total tax payable.
Use the worksheet below to work out the excess imputation credits that
must be carried forward to your 2012 tax return. We’ll send you a letter
confirming the amount.
Worksheet
Copy your total imputation credits from
Box 9 of your tax calculation on page 47
in this guide to Box 1.
Copy your total tax payable from Box 6
of your tax calculation on page 47 in this
guide to Box 2.
Subtract Box 2 from Box 1. Print your answer
in Box 3. This is your excess imputation
credits amount to carry forward to 2012.
1
2
3
Student loan
We’ll work out how much of your student loan you need to repay, based
on your income. We’ll send you a repayment calculation notice showing
how much is due. If you want to calculate the amount yourself, either use
the worksheet provided here or go to “Work it out” on our website.
If you made extra payments during the tax year, totalling $500 or more,
you’ll be eligible for a 10% voluntary repayment bonus if:
you’re up-to-date with all your repayment obligations, and
your loan balance with Inland Revenue was $550 or more at the
beginning of the tax year.
We’ll calculate your voluntary repayment bonus and send you a statement
when we’ve processed your IR 3 return.
As when making any financial decisions, you’re advised to seek appropriate
financial advice before taking advantage of the voluntary repayment bonus.
Go to www.ird.govt.nz/sl/bonus/ for more information.