Filing and information requirements

Issue: Providing information to zero-rated investors

Submission

(60 – ASB)

Portfolio investor proxies should be required to provide investors with information pertaining to their PIE investments no later than 31 July following the tax year instead of 30 June.

Comment

Officials understand the concerns raised in the submission. However, delaying the date on which information is required to be provided to investors later than 30 June, may adversely impact compliance for those investors as many will have 7 July tax return filing requirements.

Recommendation

That the submission be declined.

Issue: Annual attribution – portfolio investor proxy’s exposure to penalties and UOMI

Submission

(60 – ASB)

To ensure that provisional PIE tax payments based on third-party information are correct, portfolio investor proxies should be allowed until 31 July to make any additional PIE tax payments.

Comment

Officials understand the concern raised in the submission. However, commercial imperatives should ensure that the portfolio investor proxy receives details of the income it should be allocating to investors within an appropriate timeframe. Officials therefore recommend that the submission be declined.

Recommendation

That the submission be declined.