Fund managers in New Zealand may be required to submit investment income reports for various withholding tax types. The Inland Revenue Department (IRD) provides detailed guidance on registration and reporting through the myIR file upload service.
Caruso supports the following types of withholding tax reports:
Portfolio Investment Entity (PIE) attributed income
Dividend Withholding Tax (DWT)
Interest Pay As You Earn (IPS)
Non-Resident Withholding Tax (NRT)
Submitting an NRT Report
The NRT file specification is designed for payers who deduct non-resident withholding tax (NRT) from investors' accounts. This can occur regularly or as needed.
Filing Deadline:
For most NRT returns, file by the twentieth day of the month following the month in which the income was paid.
For royalties, file the return by the thirty-first of May each year.
This specification covers all NRT deductions reported to Inland Revenue, including interest, dividends, and royalties.
Note: Caruso only has interest and some dividend details available.
Step 1: Download the All Distribution Details Sensitive Report
In the navigation pane, select Reports.
From the Report dropdown, select the All Distribution Details Sensitive report.
Select the relevant fund (or all funds) and the date range for the period you are filing.
Click Download.
Note: The report shows all distributions broken down to granular distribution components, including gross, tax withheld, and net amounts. If you do not see this report, please contact Caruso Support via live chat for assistance.
Step 2: Access the NRT Converter
Go to the File Converter section in the admin application.
Select NRT Converter.
Step 3: Upload the Report
Upload the All Distribution Details Sensitive report to the NRT file converter
The NRT Converter will:
Use Fund Registration Number for Fund IRD Number.
Filter for eligible income. This looks at:
Distributions earned during the selected period for tax filling (using the Distribution From date) and,
Distributions classified as Interest Income where non-resident withholding tax has been withheld.
Note: Caruso doesn’t currently store all data required to file non-resident withholding tax on dividend income (for example whether a dividend was a bonus issue, what date the dividend was declared on). Caruso will be providing way to complete the NRT report with dividend income in future.
Summarise eligible income per investing entity and per fund.
Produce one output file per fund for filing.
Note: The converter uses each investing entity's primary tax identification number. Where a non-resident entity's overseas tax residency has been recorded as their secondary rather than primary residency, the wrong tax number can appear in the filing. Check that affected entities' primary and secondary tax residency records are the right way round before filing. Where a recipient IRD number is missing, the converter zero-fills the field in line with the IRD specification.
Step 4: Provide Additional Required Details
Some information is not stored in Caruso. You will be prompted to provide:
Interest payer IRD number
Contact details for the payer
Caruso will use the fund name as the payer name
These details can be entered directly within the file converter.
Step 5: Download
Download the completed NRT file or files.
Caruso will generate one file per fund for filling.
Caruso generates the file name as Fund ID - Fund Name - Filling Period
Tips: For more guidance, refer to the IRD’s official instructions or contact your tax advisor.
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If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.