Individual income tax return guide 2011 - Inland Revenue Department

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IR 3 INDIVIDUAL RETURN GUIDE
What to show in your return
At Question 17 of your return include:
––
any income and tax credits from a CFC or FIF
––
any deemed dividend income arising under the attributed
repatriation rules where you held an income interest of 10% or
greater in a CFC*, and
––
any claim for BETA credits.
See page 24 to find out how to convert your overseas income and tax
credits to New Zealand dollars.
For further information about CFCs and FIFs, please call us.
Question 39 Is your return for a part-year?
Read the situations listed in Question 39. If any apply to you, tick the
“Yes” option and then tick the situation that applies and fill in the start
and end dates of the return period.
If you ticked “Yes”, this means that your return isn’t for a full year. We’ll
calculate your tax and income-related tax credits and let you know what
they are.
Question 40 Notice of assessment and declaration
You must read the declaration and sign the return as being true
and correct.
Self-assessment by taxpayers
Taxpayers have to assess their own liability as part of their return filing
obligations. This applies to the 2002–03 and later income years. We may
amend your assessment if a correction is required.
If you dispute our assessment please read our factsheet If you disagree
with an assessment (IR 778). The four-month period for you to issue a
notice of proposed adjustment (NOPA) to your self-assessment will start
on the date Inland Revenue receives your return.
* From the 2011 income year, the attributed repatriation rules will not apply to
any taxpayer.