Daily Archives :September 22, 2020
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Financial Arrangements Rules

What are financial arrangements rules? An often unrecognised consideration in many transactions are the financial arrangements rules. These rules apply to any transaction where a person receives money in consideration for money to be provided in the future, with the premise being there would usually be an income/expense component to any arrangement. Although there is […]

Foreign Investment Fund Rules

What are FIF rules? An interest in a foreign company and certain historic interests in foreign superannuation schemes/life insurance policies can require an income calculation based on the ‘Foreign Investment Fund’ rules (FIF). When is the FIF rules tax charged? These FIF rules apply when the cost or value of shares held in a foreign […]

Pension Transfer tax

What is pension transfer tax? The movement of pension funds can trigger a taxable event, though the possibility of this depends on the rules of the country where the scheme is held. Distinct from a pension or annuity, an interest in a foreign superannuation scheme can be transferred between schemes or withdrawn either partially or […]

Overseas Pensions

What is foreign superannuation tax? Foreign superannuation rules determine the tax payable on income from a pension. Pensions and other similar annuities resulting from past employment paid to a New Zealand resident are taxable in New Zealand only. If you lived overseas and paid into a pension scheme there, you may be taxed on the […]

Goods and Services Tax (GST)

What is GST? GST is a 15% sales tax applied to all goods and services produced in New Zealand. Unless stated, any price quoted is deemed to include GST. When GST is charged? GST is added to any sales made by a business to another business or person. The main exemptions to GST are salary […]

Income Tax

What is income tax? Income tax is tax generated from personal or business earnings. This applies to individuals, companies, trusts, or any entity generating income from a profitable activity. When income tax is charged Personal income is earned mainly through salary and wages. Other income can be derived from dividends on shares, interest earned, beneficiary […]

Property Sales Tax

What is property sales tax? Buying and selling real estate (property) can be taxed. There are provisions in certain circumstances that can trigger tax on property transactions. Some of these are straightforward and apply to everyone and others are subject to the nature of the transaction. When property sales tax is charged There are four […]

Tax on Overseas Inheritances

What is overseas inheritance tax? A New Zealand tax resident may be taxed if they receive monies from an overseas inheritance – this may be taxable as income. When overseas inheritance tax is charged Overseas inheritances and distributions from overseas trusts are taxable if any part of the distribution represents income. In this context income […]

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