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New Zealand investment income guide

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RWT for dividends and interest

Dividends and interest usually do not use a normal employee tax code. Inland Revenue says your payer will often deduct resident withholding tax, or RWT, before paying you.

Investment-income path RWT instead of employee code Reviewed 9 April 2026

Quick answer

When RWT applies

  • If you earn interest from New Zealand, your payer will usually deduct RWT before paying you.
  • If you receive dividends, RWT can also apply depending on the dividend and imputation position.
  • This is different from the employee tax-code path used for salary, wages, or contractor withholding.

Interest

Interest payments

Banks and other payers usually deduct resident withholding tax from interest before the money reaches you. The rate can depend on the information you give the payer and your overall income position.

Dividends

Dividend payments

Dividends can involve imputation credits and, in some cases, resident withholding tax. If a dividend is not fully imputed, RWT may need to be deducted.

Do not mix paths

RWT is not a normal IR330 employee tax code

If you are checking salary, wages, benefits, or contractor withholding, go back to the normal tax-code guides. If you are checking dividends or interest, treat RWT as a separate investment-income path.

Official basis

IRD sources

IR330 vs IR330C

Return to the employee and contractor forms if this is not investment income.

M vs ME tax code

Go back to the main-income path if you are checking salary or wages instead.

IR330 form guide

See how the normal employee declaration form differs from the RWT path.