New to NZ

If you are thinking of moving to New Zealand or you have just emigrated you will need to know your tax obligations.  For example:

• You must complete an income tax return for the tax year in which you arrive
• New Zealand tax residents are generally subject to income tax in New Zealand on their worldwide income
• New Zealand's Foreign Investment Funds regime may apply to you
• New Zealand's Financial Arrangements rules may apply to you

As well as tax payable on your New Zealand income, you will also need to know

• How your overseas income in general will be taxed
• How your overseas investments will be taxed
• Whether any of New Zealand's double taxation agreements apply to you
• If any current tax exemptions apply to you
• How tax planning, particularly in respect of the 4 year transitional residents exemption which was introduced from 1 April 2006, could greatly reduce your New Zealand income tax liability 
  

Some of the New Zealand taxation rules above apply to overseas investments - including shares, investment funds, pensions, bank deposits and even mortgages used to purchase rental properties.  If you have such investments you may be liable for income tax on unrealised gains as well as foreign exchange gains and losses on the investments when compared to their NZ dollar value.  If you have an overseas mortgage you may be liable to pay New Zealand withholding tax or New Zealand's Approved Issuer Levy on the mortgage interest.

At Able Equals we can help assist you with your tax filing obligations and provide tax planning advice to legitimately minimise your New Zealand income tax liabilities.

Please contact us for further information on how our services can assist you.