IRD seeking more data, quicker

Inland Revenue is aiming to get as much data from you, in electronic format, as it can. 
 
It also wants to get this data much more quickly so it can make regular adjustments to the tax rates to cater for the Working for Families tax credit etc. More and quicker data would also enable the Government to get rid of secondary tax. Most of these changes will occur on 1 April 2019 or 2020.
You’re going to have to file PAYE information electronically if your PAYE and ESCT deductions are $50,000 a year or more. This information will be required within seven working days of making the wage payment.
 
The department also wants details of interest and dividends reported monthly. It’s going to require this information to be filed electronically, unless to do so would cause great hardship.
If you don’t supply your IRD number to a payer of interest or dividends, there will be a non-declaration rate of 45% applied to the payment you get.
The banks will no longer be required to send out certificates of annual interest as these will be available on the Inland Revenue website and taxpayers will be able to access them through MyIR. 
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