IRD Changes 2020
Resident Withholding Tax (RWT) is a tax that all New Zealand tax residents pay. RWT is deducted from the interest that you as a member earn from accounts and investments held with First Credit Union.
First Credit Union deducts this tax from your interest payments before we pay you any interest earned. RWT rates are dependent on your taxable income and vary from 10.5% to 33%. If you need to update your rate, please contact us.
First Credit Union can provide you with a RWT Certificate upon request, however, you can also find your RWT information by logging in to myIR on Inland Revenue’s Secure Online Services site.
If you would like to receive a copy of this year’s RWT Certificate, please contact us.
IRD Changes in 2020:
Do we have the correct IRD number and RWT rate on your account?
If not, please contact us, otherwise from April 2020, if you have not given First Credit Union your IRD number, IRD will require us to charge RWT at the ‘non-declaration’ rate of 45%.
If you have provided your IRD number, but not advised what RWT rate you should be charged, from 01 April 2020 you will automatically be charged at the ‘default’ rate of 33%.
To update your IRD number and RWT rate with First Credit Union please contact us or visit your nearest branch.
For more information about these changes and rates please visit Inland Revenue.