This may seem a trivial question, but it becomes important if the $50,000 is a threshold rather than an exemption and one is close to the $50,000 limit. "This compliance cost savings measure is intended to cater for situations where a person may no longer have records of the purchase price of shares acquired many years ago." From 1 October … As the new tax regime on shares in countries beyond Australasia takes effect, many taxpayers seem to think it's tougher than it really is. The answer to your third question is: "Yes, you can ignore the tax." Is taxable dividend income still capped at 5 per cent of the opening value of the portfolio (ie. The funds will handle the changes. If that is the case, you will be subject to tax only on overseas income or gains remitted to the UK. the value of my portfolio at that date would determine my tax liability for the 2007/2008 financial year? No tax will be payable if the shares make a loss, after taking the dividends into account. Under the new fair dividend rate method no tax would be payable in such an income year." New residents and New Zealanders who have been living outside New Zealand for at least 10 years can get an exemption from paying tax on some investments. Over the past 12 months Mary Holm has dealt with a mountain of correspondence on the tax changes on foreign shares in her regular Weekend Herald column, Money Matters. He adds that "individual facts and circumstances are taken into account". Because of this, many New Zealanders invest only locally or in Grey List countries. From reading the answers you got from Peter Frawley, I understand that the $50,000 threshold operates on the original cost of purchasing the shares. January 13, 2007 Q. I have a portfolio of shares directly invested in overseas companies. A. If they are paying no tax that year on their offshore shares, because they have made a loss, the credit will reduce payment of tax on other income. The amount of tax your employer takes may not be all the tax you need to pay. "For those that have a buy and hold approach [i.e., they do not buy and sell shares in the same year] the new rules are relatively simple to apply." they are classified as traders by the IRD), Diversity Report – Shows how your portfolio is diversified across various groupings, at a chosen point in time, Benchmarking – enables you to select any ETF in the Sharesight database to compare against a holding or your overall portfolio, Contribution Analysis Report – Explains the drivers behind your portfolio’s performance, be they stock selection, asset allocation, or exposure to certain countries, sectors, or industries, 5 ways Sharesight helps NZ investors at tax time, How Sharesight calculates your investment performance. Browse new legislation. "On-line calculators will be available on Inland Revenue's website which will calculate the tax answers for investors from the data they input," says Frawley. A. There are no dumb questions. However, Frawley says "The Reserve Bank monthly data will be acceptable to Inland Revenue for the purposes of applying the $50,000 threshold." Investments in overseas companies and managed funds costing less than NZ$50,000 and Australian shares not included in the FIF regime will usually be treated under the normal income tax rules, when on the basis the shares were not acquired with an intention of disposal, shareholders only pay tax on dividend income they receive. And that would be a sure-fire way of boring most readers witless. "If the shares make a loss then no tax is payable," adds Frawley. This means a New Zealand resident receiving an inheritance from an overseas estate is treated as receiving a distribution from a foreign trust. However, the exemption will apply for a limited period to trusts created on a person's death, so that trustees have sufficient time to deal with the deceased's estate under the will." A. From there you can upgrade to an NZ Expert plan to run your FIF Report, as well as other premium features including: Traders Tax Report – Calculates taxable gains for individuals who hold shares on revenue account (i.e. Unfortunately, in your case that means that your shares don't qualify for the threshold. Some good practical questions, which David Carrigan of Inland Revenue has answered as follows: The idea is to be able to recognise certain franking credits for New Zealand tax purposes. Act articles 2020 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005. You are also liable for tax in New Zealand, on any dividends from your overseas holdings. This is monthly data, and strictly speaking taxpayers are supposed to establish the exchange rate on the day they bought the shares. You'll need to pay tax on your overseas income even if: you do not bring it into New Zealand. Frawley adds that taxpayers affected by the new rules will still be able to claim a foreign tax credit for the foreign withholding tax deducted from their gross dividends. Your second sentence is broadly speaking right. # Does "overseas investment", i.e. Do I have to revalue on April 1, 2008 or does the $50,000 exemption last forever? This will certainly help some people. However, investors in these funds won't have to deal with the new taxes on their tax returns. If the couple has some shares owned jointly, and some owned individually, each person would have to add half the cost of the jointly owned shares to their individual total. This way the opening value of overseas investment is zero. In such cases income is calculated under the comparative value method for as long as the person owns the investments. I've had trouble finding any other calculators that cover a range of currencies and give daily data earlier than that. For other cases, … # Are all companies listed on the Australian stock exchange exempt or are some still caught by the tax rules, as are UK investment trusts listed on the NZ stock exchange? Generally, I think the diversification gains of owning offshore shares outweigh the disadvantage of paying the tax. Individuals will pay tax, at their personal tax rate, on the lower of: A. However, I am uncertain when the law will be passed by Parliament and what are the dates/financial years when these investments would be assessed under the new law. By the way, if you sell and then buy back less than $50,000 worth, you would be under the $50,000 threshold. You asked for older data on foreign exchange rates, for people calculating whether the new $50,000 tax threshold applies to them. February 17, 2007 Q. A. In that case, then, you will receive those dividends tax-free - putting you at an advantage, in those years, over people not affected by the new tax rules. Inland Revenue has recently published two papers clarifying a lot of the issues people are asking about. For example BHP Billiton and Rio Tinto are dual listed in Australia and Britain, but are they resident in Australia? It won't matter whether the value of your overseas shares changes because of changes in the share price in the home country or because of currency fluctuations. Yes. We've collated for you a selection of questions Mary has answered since the taxation legislation passed late last year. Overseas investments include: pension schemes. Q. New Zealand tax law treats the estate of a deceased person as a trust. Frawley says you won't have to go to much trouble to pay the tax. However, help is at hand. It's a swings and roundabouts thing. The rules apply when less than 10% of the shares in a foreign company are held, or units of less than 10% in an overseas unit trust. at no cost to us. In the reader's example the reinvested dividends will be picked up in the opening market value of the shares each year." Q. Tax residence under New Zealand’s domestic rules is determined by meeting one of two tests. That's a pity that you're planning to reduce your portfolio. If that total rises above $50,000, you will be taxed under the fair dividend rate rules. Q. the other country or territory has deducted tax. # The Aussie exemption doesn't include companies that are not resident in Australia, even if they are listed on the Australian stock exchange. For a start, if you hold your international shares directly - as opposed to in a managed fund - and they cost less than $50,000 when purchased, you are exempt. From what I've read it may be advantageous and legitimate to sell these on or before March 30 and buy them back in April. Inland Revenue is being unfair, if it leaves it up to the taxpayer to determine a company's residency. This is then converted to a certain number of shares, which are added to the base shareholding. But changes in New Zealand's exchange rate with one country will to some extent be offset by changes with another country. That means that if the cost of your overseas shares is $51,000, all of those shares are subject to the new rules. However, with the new system due to be implemented this year, what does one do? Wages and salaries are usually paid directly into a bank account. But the rules have since changed, and there is no longer any situation in which taxes will be carried forward. 1) Is this a $50,000 exemption or a $50,000 threshold? * * * A tax resident is taxed on worldwide income, with a tax credit allowed if taxes are paid overseas on foreign sourced income. # The $50,000 applies separately to each investor. If you own overseas shares that cost less than $50,000 (or $100,000 for couples) you're exempt from the FIF rules. As a consequence of the new tax law coming into force I will be reducing the portfolio substantially. "This will be followed by further help, including a booklet and an online calculator which will calculate the answers investors can put in their tax returns from the data they input," says the department. "Any transaction that is done for the purpose of reducing tax could trigger the general anti-avoidance provisions in the Income Tax Act," says Peter Frawley. If you have a job to come to, it is a good idea to open an account before you get here. In many cases, Resident Withholding Tax (RWT) or PIE tax is automatically deducted from you at a certain point in time, like when the income is paid – in the same way PAYE tax is deducted from your salary or wages. You don't have to do any more calculations in subsequent years. For example: A woman owns shares costing $40,000 and her husband owns shares costing $5000. I will include more in the next few weeks. # Include the dividend as usual and not enter it in the value of the shares, or We worked in Ireland for a number of years and received some shares as part of employee incentive schemes etc, ie. Taxable gains on shares in New Zealand. In contrast, a non-resident is taxable only on New Zealand-sourced income. Regardless of tax, any investor in overseas shares needs to learn to ride those waves. What happens if a married couple each are close to this exemption level and one dies, leaving their assets to the survivor (trusts and estates have no exemption)? They also jointly own shares costing $30,000. Also Rinker's main business is in the United States, but is it resident in Australia? zero)? The new rules don't apply to individuals whose non-Australasian overseas shares cost less than $50,000. The dumb people are those who don't ask. I must admit that sounds like a fair amount of hassle to me. If you hold overseas shares (excluding Australian-listed companies) that cost more than $50,000 NZD in total, then you may be obliged to follow FIF (Foreign Investment Fund) tax rules with the IRD. US tax: $1.50 USD (one-off), $0.50 a year A one-off $1.50 USD fee is deducted from your first deposit to cover the set-up, and after that, a $0.50 fee is deducted from your account each year to sort your US taxes for you. For older data, you may have to ask your bank. That would save you some tax and some hassle. Inland Revenue has already published a summary of the new offshore tax rules on its website, www.ird.govt.nz (under "news and updates"), and it plans to publish a more detailed explanation of the rules on its website shortly. Nevertheless, strictly speaking the new tax is not a capital gains tax. Frawley also points out that under the current law "people are still taxed on their dividends even if their shares go down in value, resulting in a net loss for the year. There are also some costs for selling and buying and a risk of price movements in the meantime to take account of, but the benefits could outweigh these costs. As noted above, being a New Zealand tax resident, you'll generally pay tax on your worldwide income. "A person may choose to treat shares acquired before 2000 as costing half their market value on 1 April 2007 for the purpose of the $50,000 threshold," says Frawley. However, what will happen on April 1, 2008? A. If the rules do apply to you, when calculating your 2007/08 taxes, start with the value of your offshore shares next April 1. Q. All investors will see is lower returns. New Zealand's capital gains tax applies only if you hold shares in companies not based in New Zealand or the Grey List countries, which are Australia, Canada, Germany, Japan, Norway, Spain, the UK or US, says Pippos. As it may not be readily apparent that an Australian listed company is not an Australian resident, is Inland Revenue going to provide such a schedule on its website, which will ensure that taxpayers can comply with the new legislation. Note, though, that the rules don't apply to investments in Australian resident listed companies, or if the total original cost of your non-Australian offshore shares is $50,000 or less. But if you do buy more shares, you need to add the cost of those purchases to the original costs of your current holdings. a New Zealand tax resident, or where the individual has previously returned income of the superannuation scheme under the FIF regime and elects to continue to do so. You will pay tax on 5 per cent of that value, unless the shares have yielded less than 5 per cent - in dividends and share price rises. PIR: Prescribed Investor Tax Rate. Her website is www.maryholm.com. 4) Would you recommend a couple to sell down to $99,999 at purchase price in order to avoid the considerable problems of proving each year that shares purchased perhaps 40 years ago were indeed purchased at a seemingly low price? This is an annual tax on the rise in value of your holdings, not a tax on the sale. In general, there are two methods in which you pay tax on your investments. # Will investors now have to give a statement of assets each year to the IRD? And that means, says Frawley, "it is not appropriate to recognise capital losses". Do any readers know of any? There's some compensation, though. A. Inland Revenue has no plans to publish such a list. You should use the exchange rate on the date of purchase. It seems that on April 1 we can look at the original purchase price of things to determine if we are under the $50,000 for tax purposes. i.e. February 10, 2007 Q. I refer to the recent reply regarding the new overseas tax legislation from Inland Revenue, which stated that the Aussie exemption doesn't include companies that are not resident in Australia, even if they are listed on the Australian stock exchange. A. Mary Holm is a seminar presenter, author and publisher. Let's say a person with several US shares and a portfolio worth over the $50,000 threshold has several of these stocks placed in company dividend reinvestment programmes. an insurer under a life insurance policy (and the policy is not offered or entered into in New Zealand). Income Tax Act 1994, ss CF 6, LC 6, NG 1(2)(a). Is it still April 1, 2007, i.e. But, says Peter Frawley of the department, "If a person receives a dividend from a company listed on the Australian stock exchange that carries Australian franking credits (this would be stated on the shareholder dividend statement that the person receives from the company) then this should provide sufficient certainty that the company is resident in Australia." If you do sell and then repurchase your shares, under the new fair-dividend-rate rules shares bought during a tax year, and dividends on those shares, aren't taxed, says Frawley. See www.rbnz.govt.nz/keygraphs/graphdata.xls and click on Excel tab 8. These rules apply to offshore investments held by New Zealand-resident taxpayers and target overseas companies who do not pay dividends. How does one calculate the conversion to NZ dollars? In fact, New Zealand has the least cash circulating per person than any other OECD country. Pre-register here! One is www.oanda.com/convert/classic, which goes back to January 1990. beyond Australia, mean just shares or does it include assets like property, bonds and cash? # The new rules generally apply to shares only, although they will also apply to interests in some overseas super schemes and life insurance products. "The new rules have been designed to minimise investors' compliance costs," he says. Perhaps you could answer a few points for your readers e.g. They facilitate international tax compliance in accordance with New Zealand tax law. The foreign investment fund (FIF) taxation regime in New Zealand is broadly designed to prevent taxpayers from using investments in offshore entities to avoid or defer their tax obligations. Example Take for example, a New Zealand tax resident who: » Acquires shares in USCo with a cost of $40,000 on 1 July 2013 » Acquires shares in UKCo with a cost of $20,000 on But the man's total, $5000 plus $15,000, keeps him under the threshold. Nor does it include investments in Australian unit trusts listed on their stock exchange. 2) Is the $50,000 exemption or threshold based on the total cost of the shares including brokerage, or is it just the cost of the shares? FIF-Exempt Overseas Income & Overseas Tax Credits Content also available for tax entities or on our global site.. Find out whether you need to pay UK tax on foreign income - residence and ‘non-dom’ status, tax returns, claiming relief if you’re taxed twice (including certificates of residence) These investments are usually called FDR prohibited or CV enforced investments. And I don't think the new tax rules are harsh enough to warrant most people getting out of international shares. So it isn't all bad. Therefore, in your situation there may be relief to the extent the Australian company operates in New Zealand and the dividends arise from that operation. Frawley says there are several websites that have foreign exchange calculators with historical data. They don't apply to overseas property, bonds or cash. The FIF-Exempt Overseas Income & Overseas Tax Credits page is part of the FIF Report available within Sharesight.It provides a taxable income summary for Australian shares that are excluded from the FIF tax regime. Tax for New Zealand tax residents. My answer - not Peter Frawley's - is that if your international share holding originally cost, say, $50,000 to $70,000, and you have no plans to buy any more international shares, it would probably be a good idea to sell down to below $50,000. Q. I have a portfolio of UK shares over the $50,000 threshold and therefore due to fall prey to the new foreign investment wealth tax. Note that if you have invested less than $50,000, so that you are under the threshold, you will continue to be taxed on dividends - as well as realised gains if you are a trader - as in the past. Haddon said he was not convinced the proposals were good for 'New Zealand inc'. # Not all investors will have to give a statement of assets - only those to whom the new rules apply. On currency changes, the situation is the same, really. As Frawley points out, when you calculate the tax, it will be based on the current market value. On your first question, that's one way of looking at it. Yours is one of many questions I've received about the tax changes. Go to www.rbnz.govt.nz/statistics/, click on "Exchange rates" on the left side, and then on "B1 historical series". A. Key features of New Zealand’s tax system include: 1. no inheritance tax 2. no general capital gains tax, although it can apply to some specific investments 3. no local or state taxes, apart from property rates levied by local councils and authorities 4. no payroll tax 5. no social security tax 6. no healthcare tax, apart from a very low levy for New Zealand’s Accident Compensation injury insurance scheme (ACC). You will simply be asked if they cost more than that, in which case you will pay the tax. listed on the Australian Securities Exchange (ASX), qualify for the exemption from the FIF rules on its website, a FIF superannuation interest (from 1 April 2014). The IR330C form is the IR form you need to complete to choose the rate of tax you have deducted from your payments. But a capital gains tax on those shares could see investors move towards more investment in overseas shares. Probably the latter. between 10% and 40% of the shares in a foreign company which is not a CFC. Explanations of changes to legislation including Acts, general and remedial amendments, and Orders in Council. Your exemption lasts for up to 4 years and means you do not pay PIR on income that you get from foreign investments as long as: the income from them is made outside New Zealand Sorry for bombarding thee. Thanks very much. We have a couple of shares which were bought some years ago for around 2000 and are now worth 55,000. 3) Does a married couple qualify for a total $100,000 exemption or threshold at purchase price automatically as a joint unit? Don't let the tax drive your decisions too much. 4) In light of what we've said above, let's change this to "Would you recommend that a person sell down to $49,999." Predictably, perhaps, Peter Frawley of Inland Revenue has a different perspective. Go to www.taxpolicy.ird.govt.nz, and scroll down the homepage to February 23, "More on offshore investment changes". Mary Holm is a columnist for the New Zealand Herald. In answer to your first question, "under the new fair dividend rate method dividends are not taxed separately and therefore do not need to be included in a person's tax return," says the IRD's Peter Frawley. Most New Zealand based fund managers have converted their retail funds into PIE funds. The FIF regime was introduced to prevent NZ taxpayers using offshore entities to avoid or defer their NZ tax obligations. Tax Technical - Inland Revenue NZ. The RBNZ also holds monthly NZ dollar/US dollar data going back to 1970, used in the calculation of the trade-weighted index. As a New Zealand tax resident, you pay tax on the total income you receive from all your investments, whether they're in NZ, the US, or elsewhere. Overseas share investments by New Zealand-based international share funds, such as WiNZ, will also be subject to the new rules. A. 2) The $50,000 threshold takes into account brokerage fees if these are part of the cost of buying the shares. A. 2001 New Zealand Master Tax Guide, 26-185. It also covers managed funds held overseas and … The Reserve Bank holds monthly NZ dollar exchange rates for the US dollar, British pound, Australian dollar, Japanese yen, and Germany's deutschmark, going back to January 1985. 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