Wise Payments New Zealand Limited ('Wise') operates within the tax jurisdiction of New Zealand, where the provision of cashback by Wise to you is subject to withholding tax.
This tax is paid by Wise on your behalf to New Zealand Inland Revenue, Te Tari Taake ('IRD'). If we don't have your New Zealand tax number, the IRD number, the tax is 45%.
If you register your IRD number on Wise, then we can reduce the withholding tax on future cashback payments to 33% for people and 28% for businesses.
How do I check or add my IRD number?
On a personal account
Go to your profile name or picture in the top corner
Select Personal details and Personal information
Scroll to the Tax information section
Note: If you have added more than one tax residency, you will see them all listed here. If the section is empty, you can add your tax details here or select Add tax number directly on the page.
On a business account
Go to your profile name or picture in the top corner
Select Business details
Look for the Tax number section
Note: You will only see one tax number displayed on this page, even if you have provided more than one to us. If the section is empty, you can add your business tax details here.
Can I pay withholding tax at a different rate?
No. Wise only supports withholding tax at the default rate of 33% for people and 28% for businesses. If your marginal tax rate is different, you'll have to rely on Inland Revenue adjusting your tax return at the end of the tax year. Alternatively you can always opt out from cashback.
Can I get a statement for reporting the tax paid?
Yes, if you've received cashback then you can get a tax statement on web only.
From your Wise account on web:
Select your profile in the top-right corner
Select Statements and reports
Select Cashback tax statement
All tax statements are generated in NZD, so cashback received in AUD, USD, EUR and GBP will be converted to NZD on your statement.
Can I get a tax reduction or refund?
Wise cannot change or reduce the withholding taxes it has already paid on your behalf to Inland Revenue.
Can I get a tax statement in a different language?
Yes, we offer tax statements in Chinese (simplified and traditional), English, French, German, Hungarian, Indonesian, Italian, Japanese, Polish, Portuguese, Romanian, Russian, Spanish, Thai and Turkish.