Investment Income Reporting

Investment Income Reporting

Purpose

Allow the creation of electronic files for Interest pay as you earn (IPS), Resident Withholding Tax (RWT), Non-resident Withholding Tax (NRWT), Dividend Resident Withholding Tax (DRWT) and Dividend Non-resident Withholding Tax (DNRWT) that can be imported through your MyIRD login.

Access

  1. Client | Investment Income Reporting Export

Process


Field
Explanation
Start Date
Enter the period start date for the export

This will usually be for the current reporting month, but may be back dated if an export needs to be resubmitted
End Date
Enter the period end date for the export

This will usually be for the current reporting month, but may be back dated if an export needs to be resubmitted
Company
[F2] to  the Company that information is to be extracted for

If there is more than one Company, the process MUST be run separately for each Company
Contact Name
Enter the name of the person creating the files
Contact Number
Enter the contact number of the person creating the files
IPS Export File
[F2] to   the folder that will be used to save the file

Enter the file extension name. The file extension must be .csv. The file will be overwritten each time the process is run. Check Off Generate File if this file does not need to be generated in this process run. This will occur where a file needs to be resubmitted.

The IPS export is for payers who deduct resident withholding tax on interest on investor accounts on a reoccurring monthly or ad-hoc basis where the return is due to be filed by the 20th of the month following the month in which the income was paid.
RWT Export File
[F2] to   the folder that will be used to save the file

Enter the file extension name. The file extension must be .csv. The file will be overwritten each time the process is run. Check Off Generate File if this file does not need to be generated in this process run. This will occur where a file needs to be resubmitted.

The RWT export is for payers who deduct resident withholding tax on investor accounts on a reoccurring monthly or ad-hoc base where the return is due to be filed by the 20th of the month following the month in which the income was paid.

Only one of either IPS or RWT exports should be filed
NRWT Export File
[F2] to   the folder that will be used to save the file

Enter the file extension name. The file extension must be .csv. The file will be overwritten each time the process is run. Check Off Generate File if this file does not need to be generated in this process run. This will occur where a file needs to be resubmitted.
DRWT Export File
[F2] to   the folder that will be used to save the file

Enter the file extension name. The file extension must be .csv. The file will be overwritten each time the process is run. Check Off Generate File if this file does not need to be generated in this process run. This will occur where a file needs to be resubmitted.
DNRWT Export File
[F2] to   the folder that will be used to save the file

Enter the file extension name. The file extension must be .csv. The file will be overwritten each time the process is run. Check Off Generate File if this file does not need to be generated in this process run. This will occur where a file needs to be resubmitted.
Original
Check this option for each time the files are to be created for a reporting period

This option may remain checked until the output files have been uploaded via MyIRD
Replacement
Only check this option if a file needs to be recreated AND resubmitted

This option allows a file to be recreated for a previous reporting period if interest and/or tax adjustments have been back dated to investment accounts

Resubmission will correct the reporting for the earlier period


The next part of the process will collate all the accounts and clients for further processing. The number of accounts selected will be displayed.






At this point in the process, client details are checked for validity. Most of these checks are the same as those undertaken during the MyIRD file import process.



Against each error message the internal client number and code are displayed to allow easy access to the client details so they may be corrected.

Error
Resolution
IRD Number not found for Client
Ascertain the client IRD number and enter that, or, if unknown, enter and IRD number of 000000000
At least one contact detail (Address, email or phone number) is required for Client
Enter at least one contact detail for the client
Name field is missing in the export for client
The process relies of the Client  dialog details being completed

This error indicates that the  button has not been clicked and the details form completed

Once all errors have been corrected the process should be rerun until no errors are displayed. In each case the file should still be indicated as Original until it has been uploaded.

There are characters that are invalid in a .csv file. These include [, ], \, ~, and comma. Where these are identified, they are stripped out of the export file. This may result in an issue when uploading to the IRD as it may cause, for example, an invalid email address. For example, if an email has been entered to Argos as someone@gmail,com the , will be stripped out leaving an invalid email address of someone@gmailcom.

The link below can be used to test your file upload to the IRD without registering the file details. We strongly recommend this is done after all Argos errors have been rectified.

Once the IRD error have been rectified, then it will only be client changes or new clients that may cause failures going forward.
Scroll down the page and select the required option:





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