Receiving more information more frequently from payers of investment income, such as banks, will enable Inland Revenue to improve its services to you in the following ways:
- Your records could be prepopulated
- Tax rate selected could be reviewed to check whether tax is being deducted at the right rate for the recipient
- Social policy payments could be more accurately calculated.
Changes are also proposed to:
- The non-declaration rate
- Date of birth information
- How income is allocated among owners of joint investments (see joint investments for further information).