Investment income across joint accounts

Official source

Income reported for joint investments will be split equally between the account holders who have provided valid IRD numbers to their payer. This includes investments of partnerships (but not limited partnerships).

If you need to, you can change the split of income and set a rate for a future split to make sure the income is directed correctly in the future. You can change this allocation through myIR or by contacting us. Alternatively, you can amend this allocation when we complete your income tax assessment at the end of the year or when you file your income tax return.

If you have a joint account, you can only use one RWT rate. So you'll need to decide which is the most appropriate rate. For example, if you both earn over $180,000, choosing the 39% rate will avoid an end of year tax bill. If one account holder earns over $53,500 and the other $53,500 or less, choosing the 30% rate will avoid the higher earner having an end-of-year tax bill.

If a resident and a non-resident hold a joint account, resident withholding tax must be deducted from all interest paid on the account. The non-resident may claim a refund by completing either an IR3NR tax return or a New Zealand non-resident withholding tax refund request - IR386 form.

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Investment income across joint accounts

Official source

Income reported for joint investments will be split equally between the account holders who have provided valid IRD numbers to their payer. This includes investments of partnerships (but not limited partnerships).

If you need to, you can change the split of income and set a rate for a future split to make sure the income is directed correctly in the future. You can change this allocation through myIR or by contacting us. Alternatively, you can amend this allocation when we complete your income tax assessment at the end of the year or when you file your income tax return.

If you have a joint account, you can only use one RWT rate. So you'll need to decide which is the most appropriate rate. For example, if you both earn over $180,000, choosing the 39% rate will avoid an end of year tax bill. If one account holder earns over $53,500 and the other $53,500 or less, choosing the 30% rate will avoid the higher earner having an end-of-year tax bill.

If a resident and a non-resident hold a joint account, resident withholding tax must be deducted from all interest paid on the account. The non-resident may claim a refund by completing either an IR3NR tax return or a New Zealand non-resident withholding tax refund request - IR386 form.