Working with land owners to update tax information
The Māori Trustee is encouraging Māori land owners and whānau trust trustees to update their tax information to ensure any income they receive is taxed correctly.
From 1 April 2020, the IRD is changing the non-declaration resident withholding tax (RWT) rate on distributable income they may receive from the Māori Trustee.
"We’re committed to supporting the kaitiakitanga of Māori land owners. This includes providing them with information about changes affecting any investment income they may receive and how it’s taxed," says Māori Trustee Dr Charlotte Severne.
We’re contacting land owners and whānau trusts who may receive income from the Māori Trustee asking them to provide their IRD number and resident withholding tax rate.
“We want to ensure we hold the most up to date information for land owners. Without it, owners' share of distributable income may be taxed at 45%, in accordance with New Zealand tax legislation.”
If owners or trustees of whānau trusts aren't sure of their IRD number or RWT rate, they should contact an IRD Kaitakawaenga/Māori Officer on freephone 0800 227 774.
Owners or trustees who have a My Whenua account can update their details online. Alternatively you can download the form below and return it to us.
My Whenua is the online service from Te Tumu Paeroa that provides easy access to information about whenua administered by us for land owners, trustees and whānau.
"We encourage all owners, trustees and whānau to use My Whenua, it's a great way to stay connected and informed about their whenua wherever they are. Anyone with an email address can sign up at www.mywhenua.co.nz”
Contact us with any questions about your whenua on 0800 WHENUA (0800 943 682) or email [email protected]
We are asking owners to confirm their details before the changes take effect on 1 April 2020, ready for the new financial year.