Deposits; Added support for New Zealand IRD Investment Income Reporting

The way in which Interest and Withholding Tax is reported to the IRD is changing on 1 April 2020.

For more information see Investment Income Reporting.

finPOWER Connect now supports exporting of the following Withholding Tax Types using the IRD's new Investment Income Reporting specifications.

• Resident Withholding Tax
• Non-Resident Withholding Tax
• Approved Issuer Levy

In addition, a new "Investment Income Report" has been added. This provides a visual representation of the file export, and details of any exceptions where appropriate.

More information about the export files can be found on the IRD website at Investment Income Report File Upload.

Finally, two new Permission Keys have been added to control the viewing, reporting, and exporting of the Investment Income Report and its data:

• Report.Deposit.TaxFileExportInvestmentIncomeReportNZ
• WithholdingTax.TaxFileExport_InvestmentIncomeReport

Note, you must be licensed for Deposit Accounts to use this functionality.

More information can be found at the following Blog.