Making RWT certificates available electronically

(Clause 105)

Summary of proposed amendment

Interest payers are required to send depositors resident withholding tax (RWT) withholding certificates at the end of the tax year. Interest payers can provide RWT withholding certificates electronically, provided that the recipient agrees to receive the certificate in that way.

In accordance with the original policy intention, this amendment clarifies that interest payers can meet this requirement by making RWT withholding certificates available on their websites, as long as the recipient agrees to receive the certificate in that way.

Application date

The amendment will apply to RWT withholding certificates provided on or after 1 April 2002 that relate to interest or specified dividends paid in the 2001−02 and subsequent income years to align with the application date of the provision when it was originally introduced.