• Register for the RDTI in-year payments scheme at https://rdti.tmnz.co.nz 

• Apply online for in-year payments by: 
  • confirming your RDTI details (CAM and/or GA’s)  
  • providing your NZBN details for anti-money laundering (AML)/due diligence checks 
  • signing the Authority to Act form and accepting TMNZ as the ‘other representative’ on your RDTI account. 

• Request payment online – provide expenditure details for the R&D performed in the relevant period. 

Applications and payment requests can be submitted in a matter of minutes. Due diligence can be completed fully digitally and depends on how much information is needed. 

This can vary due to the nature of your business but all loan applicants will need to undergo AML checks, and allow TMNZ to link with their myIR RDTI account. This allows TMNZ to verify your RDTI approvals. When all application material has been provided TMNZ will verify your information and communicate the outcome within a few days.

If you miss a particular payment date/s, you can include expenditure prior to that date in a subsequent payment request for the same income year. It is not possible, however, to carry forward expenditure from a previous income year to a subsequent income year. 

If you have already submitted your payment request, you don’t need to do anything. The team at TMNZ are available to support you through this process. If you have any questions, please contact rdti@tmnz.co.nz.  

The Research and Development Tax Incentive (RDTI) is a Government initiative to increase privately-led, boundary-pushing research and development in New Zealand.

The RDTI enables businesses to receive a 15% tax credit on eligible R&D expenditure. Callaghan Innovation helps deliver the RDTI with Inland Revenue.

The RDTI website, managed by Callaghan Innovation, provides valuable information if you’re looking to learn more about the RDTI .

RDTI tax credits are issued to participating businesses after they have filed their income tax return and their RDTI Supplementary Return has been processed. This can mean a business may not receive their credit until 12-18 months after the end of the income year during which their R&D was conducted.

The RDTI in-year payments scheme is designed to help businesses performing eligible R&D receive cash support closer to when they incur the corresponding R&D costs. This cash support is in the form of an interest-free Government loan.

If you have applied for the RDTI, you can also apply for RDTI in-year payments.

Before you can receive an RDTI in-year payments loan, there are additional criteria you must meet. For example:

• your business must be a going concern
• you must be performing R&D approved as eligible for the RDTI
• you must have passed Anti-Money Laundering (AML) and Due Diligence (DD) checks.

Visit the RDTI in-year payments page of the RDTI website to find out more about all the criteria that must be met.

After you’ve applied for an RDTI in-year payments loan and certain steps have been completed, you can begin to request payments. You will be asked to repay the loan by a specific date following the due date of your RDTI Supplementary Return – the specific repayment date depends on your circumstances (see “When is my loan repayable?” below).

How you can execute the RDTI in-year payment process with us

Ensure you have applied for the RDTI, then:   

• Create an RDTI in-year payments account, via TMNZ
• Apply for RDTI in-year payments  
• TMNZ will provide you with the next steps regarding payment. 

Applications for RDTI in-year payments are open now.

You can get up to 80% of the RDTI tax credit receivable on actual, eligible R&D expenditure per income year, after any amount you wish to offset against provisional tax has first been deducted.

 Here is an example of a loan payment calculation:

• Actual eligible R&D expenditure: $300,000
• RDTI tax credit (15%): $45,000
• Less amount offset against provisional tax: $25,000
• RDTI tax credit eligible for RDTI in-year payments: $20,000
• Loan payment (80%): $16,000.

The loan is due on whichever date below applies to you:

• If you have filed your RDTI Supplementary Return by the due date, your loan is due on the earliest of the following dates:
  • one month after IR has approved or declined your RDTI Supplementary Return, or
  • six months after the due date of your RDTI Supplementary Return.

• If you have NOT filed your RDTI Supplementary Return by the due date, your loan is due one month after the due date of your RDTI Supplementary Return.

The loan is interest-free up until one month after the relevant due date above.

If the loan is not repaid by the relevant due date:

• MBIE will charge interest on the loan from one month after the due date (at the IR “Use of Money” interest rate applicable at the time) and
• a standardized, short-term repayment plan will be arranged.