Date: 28th April 2019
If you’ve logged into Inland Revenue online in the last few days, you’ll have noticed a big change. A shiny new website. But that’s only part of the changes that have taken place recently at Inland Revenue. The website upgrade is one of the final steps in the modernisation of New Zealand’s tax system, which also includes transferring the county’s tax records to a new system and improving online services.
Almost 20 million tax records were transferred to a new system during an online shutdown period during Easter and Anzac holidays.
Sharon Thompson from Inland Revenue, explains:
“We will have a vastly superior tax system – one that can issue automatic tax refunds and can operate closer to real time to help more New Zealanders pay the right amount of tax at the right time.”
This is the third time in the last three years that Inland Revenue has shut down the tax system to roll out part of its business transformation. The first year saw the GST system modernised. Year two moved more business taxes into myIR and brought in the Accounting Income Method option for paying provisional tax.
The third release sees individual income tax records moved to the new system. This will allow the process of automatic tax assessments to get underway along with mechanisms to make sure customers are on the right tax code and not over or under paying tax.
Tax is about to become much more straightforward for salary and wage earners, with these changes being rolled out from late May to July:
Inland Revenue has discontinued personal tax summaries (PTS) as of 2019, but you can still request a PTS for the previous four years.
“These are the biggest changes to the tax system in a generation and most New Zealanders will benefit. We will receive more information earlier, which allows us to issue automated refunds and offer greater accuracy so fewer people are under or over paying tax” said Gaye Searancke, Inland Revenue’s Deputy Commissioner.
“Payments, such as Working for Families will also be more accurate, meaning our customers will spend far less time and effort making sure we have the right information.”
If you have questions about how these changes affect you, please get in touch.
More about recent tax changes: