For other cases, … He adds that "individual facts and circumstances are taken into account". 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." 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. shares in foreign companies (like what you buy on Hatch) rental properties in another country (not included in FIF rules) bank accounts (not included in FIF rules) If you’re a tax resident outside New … But the rules have since changed, and there is no longer any situation in which taxes will be carried forward. less than 10% of the units in a foreign unit trust. And that would be a sure-fire way of boring most readers witless. 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. We have a couple of shares which were bought some years ago for around 2000 and are now worth 55,000. In that case, you will pay tax on the yield amount. This will certainly help some people. 1) Is this a $50,000 exemption or a $50,000 threshold? On your first question, that's one way of looking at it. And, knowing that people are thinking of using this strategy, I wouldn't be surprised if Inland Revenue takes particular interest in share trading over the next few months. The new rules don't apply to individuals whose non-Australasian overseas shares cost less than $50,000. By the way, if you sell and then buy back less than $50,000 worth, you would be under the $50,000 threshold. For some investments, New Zealanders are not allowed to use the FDR method. These rules apply to offshore investments held by New Zealand-resident taxpayers and target overseas companies who do not pay dividends. Income Tax Act 1994, ss CF 6, LC 6, NG 1(2)(a). Alternatively, the couple could have jointly owned shares totalling up to $100,000. As the original investment is over the $50,000 threshold, will I be hit again with this new tax or can I have the shares revalued at their market value on April 1, 2007 - which presumably will be well under the threshold unless there is a miracle between now and April 1 - and then be outside the new tax regime? And I don't think the new tax rules are harsh enough to warrant most people getting out of international shares. Basically, as long as you buy no more non-Australasian shares, you stay outside the new rules forever. 3) Does a married couple qualify for a total $100,000 exemption or threshold at purchase price automatically as a joint unit? Do I have to revalue on April 1, 2008 or does the $50,000 exemption last forever? If you are not a tax resident, you pay tax on investments you have in New Zealand. This way the opening value of overseas investment is zero. It's irrelevant what happens to their value after purchase. And over the years, there'll be ups and downs. 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. The rules apply when less than 10 percent of the shares in a foreign company are held, or units of less than 10 percent in an overseas unit trust. 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. Don't let the tax drive your decisions too much. 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. If that total rises above $50,000, you will be taxed under the fair dividend rate rules. The FIF regime was introduced to prevent NZ taxpayers using offshore entities to avoid or defer their NZ tax obligations. Simply the best portfolio management tool for DIY investors. But changes in New Zealand's exchange rate with one country will to some extent be offset by changes with another country. I've had trouble finding any other calculators that cover a range of currencies and give daily data earlier than that. 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? Some not-so-good news from Frawley: "The person in this example is treated, for the purposes of the $50,000 threshold, as having acquired the shares for their market value at the time they received the shares under their employee incentive scheme." 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) In contrast, a non-resident is taxable only on New Zealand-sourced income. 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? It also covers managed funds held overseas and … A. But how are dividends on shares purchased during the year treated? 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. If you own overseas shares that cost less than $50,000 (or $100,000 for couples) you're exempt from the FIF rules. No tax will be payable if the shares make a loss, after taking the dividends into account. "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." if you have $51,000 at purchase price, is $1,000 in the new system and subject to the tax and $50,000 exempt and taxable on income only, or is all $51,000 now included? Taxable gains on shares in New Zealand. That means that if the cost of your overseas shares is $51,000, all of those shares are subject to the new rules. 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. 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. 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. In effect, then, part of the tax will sort of be on capital gains. 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. By the way, you won't have to prove each year that your shares cost less than $50,000. There are no dumb questions. will be your status as a New Zealand tax resident. Thanks very much. employers navigate New Zealand’s tax and employment related matters; we provide advice about tax planning opportunities, management of assignment policies and the provision of New Zealand tax filing services. Only you can decide if the strategy is worth the hassle, costs and possibly sleepless nights. As Frawley points out, when you calculate the tax, it will be based on the current market value. The funds will handle the changes. I will include more in the next few weeks. 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. They also jointly own shares costing $30,000. This is an annual tax on the rise in value of your holdings, not a tax on the sale. 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. 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. That would save you some tax and some hassle. However, investors in these funds won't have to deal with the new taxes on their tax returns. This is then converted to a certain number of shares, which are added to the base shareholding. "Broadly, under the new method tax is paid on 5 per cent of the share portfolio's opening market value each year. I must admit that sounds like a fair amount of hassle to me. "It is an inherent feature of the new method that no losses are carried forward as each year is treated separately. Her website is www.maryholm.com. For NZ tax purposes I have always shown these dividends in my annual tax return. If, however, you have larger holdings or plan to grow your international holdings, it's probably better just to pay the tax. "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. We worked in Ireland for a number of years and received some shares as part of employee incentive schemes etc, ie. A. Will the IRD produce a booklet that could be used as a guide for those with overseas investments that clearly set out the rules of what can and cannot be done? 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. It also covers managed funds held overseas and … 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." February 3, 2007 Q. I have some questions regarding the $50,000 exemption with respect to the new overseas tax legislation: "This is set at a maximum of 5 per cent of the investment's opening market value." 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)? A. If I may ask one more thing, if the value of one's overseas investment fluctuates wildly due purely to currency changes (which is a big risk for the $) will we be taxed on the gain but not be able to claim the losses? an insurer under a life insurance policy (and the policy is not offered or entered into in New Zealand). A. The amount of tax your employer takes may not be all the tax you need to pay. Regardless of tax, any investor in overseas shares needs to learn to ride those waves. Under the new fair dividend rate method no tax would be payable in such an income year." IR330C - choose a tax rate for your schedular payments. The RBNZ also holds monthly NZ dollar/US dollar data going back to 1970, used in the calculation of the trade-weighted index. 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. And if the value of my investment is $49,000 on April 1 and then $49,000 the following March 31, can I ignore the tax regardless of how much it goes up (and assuming I sold bits during the year) in between? Mary Holm is a columnist for the New Zealand Herald. Individuals will pay tax, at their personal tax rate, on the lower of: # The Aussie exemption doesn't include companies that are not resident in Australia, even if they are listed on the Australian stock exchange. Pre-register here! zero)? i.e. 2) The $50,000 threshold takes into account brokerage fees if these are part of the cost of buying the shares. 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. Overseas investments include: pension schemes. Overseas pension income (see our separate guidance on this); Other overseas investment income, for example, dividends on shares in overseas companies. "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. In such cases income is calculated under the comparative value method for as long as the person owns the investments. * * * See www.rbnz.govt.nz/keygraphs/graphdata.xls and click on Excel tab 8. Tax Technical - Inland Revenue NZ. 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. "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. A. If you should be paying the tax but don't, you are likely to be in trouble if you are audited. "If the shares make a loss then no tax is payable," adds Frawley. A. However, with the new system due to be implemented this year, what does one do? There will be market-crash years when we are glad we are in the new regime rather than the current one. A. Inland Revenue has no plans to publish such a list. Our sub-custodian deducts your tax at source, and pays the overseas tax authority directly. # If tax due is accrued is it still to be wiped upon death? My holdings would come under $50,000 on purchase. # Not all investors will have to give a statement of assets - only those to whom the new rules apply. The New Zealand stock exchange is the NZX and the Australian stock exchange is the ASX. As a consequence of the new tax law coming into force I will be reducing the portfolio substantially. "This is so taxpayers can refer to the fixed actual cost when determining whether the threshold applies to them, rather than having to track changing market values over time," says Peter Frawley of Inland Revenue. For example BHP Billiton and Rio Tinto are dual listed in Australia and Britain, but are they resident in Australia? # Will investors now have to give a statement of assets each year to the IRD? With regard to your Canadian writer who spent $60,000 on an investment in non-Australasian shares, am I correct to deduce that as the product cost $60,000 and eroded in value to $16,000, then the IRD expect the original value to be $60,000 yet will tax the person on their "gain" if it quietly grows back to $60,000, even though technically they have not made a cent of real "gain"? Mary Holm is a seminar presenter, author and publisher. New Zealand tax law treats the estate of a deceased person as a trust. 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. February 24, 2007 Q. I am in the position of having invested in a tech stock in Canada in 2002, at a cost of slightly over $60,000, as opposed to today's value of the stock of around $16,000. Most New Zealand based fund managers have converted their retail funds into PIE funds. Dividends/income received from such investments are not directly taxable. Carrigan adds, "The $50,000 exemption does not generally apply to trusts and estates. 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. You don't have to do any more calculations in subsequent years. Because of this, many New Zealanders invest only locally or in Grey List countries. 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. Frawley says you won't have to go to much trouble to pay the tax. The normal rule applies, of course, that when someone dies taxes are paid on their income in the year of their death. My holdings will probably then be well over $50,000 (I've had them a long time). But even if we ran nothing else for weeks, I couldn't answer them all in the column. In fact, New Zealand has the least cash circulating per person than any other OECD country. Merger considerations and certain other corporate actions may be deemed dividends, resulting in withholding tax being payable on the capital value of your shareholding. That's a pity that you're planning to reduce your portfolio. If you get interest and dividends from overseas, there are different rules depending on your situation. Q. To get started, simply sign up for a FREE Sharesight account and add your holdings. A. * * * This is your personal tax rate. However, what will happen on April 1, 2008? "If the investor is an individual or family trust and the total return (dividends and capital gains) on their portfolio of directly held shares is less than 5 per cent, then tax is paid on the lower amount." Murray Brewer Partner, Tax D +64 9 922 1386 M +64 27 448 8880 E murray.brewer@nz.gt.com Greg Thompson Partner and National Director, Tax Wages and salaries are usually paid directly into a bank account. # 5 per cent of the market value of their shares at the start of the tax year, or: Yours is one of many questions I've received about the tax changes. If one spouse dies and leaves their assets to the survivor, and that causes the survivor's portfolio to exceed the $50,000 limit, the surviving spouse will then be subject to the new rules. The IR330C form is the IR form you need to complete to choose the rate of tax you have deducted from your payments. It's a swings and roundabouts thing. You buy and sell shares through a stock broker To buy and sell shares on the stock exchange (called ‘trading’) you’ll need to place an order through a stock broker – this is a company licensed to … The authority has ruled that the man's family links and some property investments he kept in New Zealand counted against him. 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. However, Frawley says "The Reserve Bank monthly data will be acceptable to Inland Revenue for the purposes of applying the $50,000 threshold." 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. 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. Tax for New Zealand tax residents. Frawley says there are several websites that have foreign exchange calculators with historical data. A. Browse new legislation. # Personal investors have an exemption of $50,000 of the original cost (not current valuation) before the tax is payable. The dumb people are those who don't ask. Multinational Enterprises - Compliance Focus 2019 (PDF 941KB) Download guide Compliance focus documents from previous years. You will simply be asked if they cost more than that, in which case you will pay the tax. For example: A woman owns shares costing $40,000 and her husband owns shares costing $5000. March 10, 2007 Q. I follow your columns on taxing of overseas shares because I have shares and unit trust investments in Canada. In general, there are two methods in which you pay tax on your investments. 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. Examples are Private Portfolio Service Master funds (PPS), and ING property Securities Fund. 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. If you are a resident, but non-domiciled, the amount of UK tax you have to pay on foreign income and gains may sometimes depend on whether or not you bring money or assets into the UK. They come into the regime the following year. They are all taxed under the new rules, as are New Zealanders' investments in UK investment trusts listed in New Zealand. Unfortunately, in your case that means that your shares don't qualify for the threshold. All investors will see is lower returns. 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. between 10% and 40% of the shares in a foreign company which is not a CFC. 2001 New Zealand Master Tax Guide, 26-185. Go to www.rbnz.govt.nz/statistics/, click on "Exchange rates" on the left side, and then on "B1 historical series". the other country or territory has deducted tax. To make things easier for those working out their eligibility for the threshold, Inland Revenue has come up with a compromise. The FIF tax must be paid even if none of the earnings ever come into New Zealand and even if you receive no dividends. 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). 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. Inland Revenue has recently published two papers clarifying a lot of the issues people are asking about. 3) For a couple to qualify for a total $100,000 threshold, half the shares would have to be held in each spouse's name. If this is you, Sharesies can’t handle your tax for you and you should seek tax advice. A tax resident is taxed on worldwide income, with a tax credit allowed if taxes are paid overseas on foreign sourced income. 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