In 2014, 32,689 payers withheld RWT and 5,328 payers withheld NRWT, accounting for more than $2.5 billion dollars in tax revenue. Banks are the largest withholding payers, and withholding obligations also apply to all companies, PIEs, Māori authorities, and even some individuals.
Generally speaking, RWT obligations apply:
- whenever a company pays a dividend; and
- to any payer who pays out more than $5,000 of interest or dividends per year.