Under Section 22F of the Tax Administration Act 1994, individuals are obligated to provide income information for certain types of income.
Income Types Requiring Reporting
Individuals must report two categories of income:
Other Income
- This includes income listed under Schedule 8, Part A, Table 1 of the Act, which encompasses various income streams.
- There is a de minimis provision under Section 22K for "other income" of $200 or less. In such cases, the obligation to report may not apply.
Reportable Income Not Included in Prepopulated Accounts
- If an individual knows—or might reasonably be expected to know—that certain reportable income has been excluded from their prepopulated account, they are obligated to disclose it.
- The legislation's wording emphasizes a negative framing.
By understanding and adhering to the reporting obligations under Section 22F, individuals can ensure compliance with the Tax Administration Act.