Rizwana Saheed - New Zealand Tax Handbook for Inbound and Outbound Migrants

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Product Information

About Wolters Kluwer

Wolters Kluwer enables legal, tax, finance, and healthcare professionals to be more effective and efficient. We provide information, software, and services that deliver vital insights, intelligent tools, and the guidance of subject-matter experts.

We create value by combining information, deep expertise, and technology to provide customers with solutions that improve their quality and effectiveness. Professionals turn to us when they need actionable information to better serve their clients.

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A catalogue record for this book is available from the National Library of New Zealand.

ISBN 978-1-77547-227-8 (eBook)

2017 CCH New Zealand Limited

Published by CCH New Zealand Limited

First published November 2017

All rights reserved. No part of this work covered by copyright may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of the publisher.

Preface

It is no secret that New Zealand is experiencing record levels of migration. Migrant arrivals continue to increase. Statistics New Zealand reports a net gain of 73,500 migrants for the year ended August 2017 compared with 71,700 for the year ended August 2016. Permanent and long-term departures are also on the rise, with 60,100 departures in the year to August 2017, up 8% from the year to August 2016.

New Zealands relatively flourishing economy, stable political system, and clean environment continue to be some of the drivers behind people wanting to live and work in New Zealand, whether it be permanently or on a short-term basis. Conversely, New Zealanders go overseas for many reasons, for example, to gain overseas work experience (OE) or to expand their business overseas.

A number of tax issues arise when an individual leaves or comes to New Zealand to live or work. New Zealands tax system operates on the basic principles of residence and source. So at the very least, these matters have to be addressed with more complex tax issues arising depending on the status and profile of the individual. This books delves into both the basic and complex tax issues that an inbound or outbound migrant may face.

This book is divided into six chapters. The first chapter looks at some of the tax issues that are common to both outbound and inbound migrants, whether they are in or out of New Zealand permanently or temporarily. The remaining chapters dig deeper into some of the tax issues that should be considered, depending on the circumstances of the individual.

The book is an everyday guide on migrant tax issues, complete with examples, tables, flowcharts and rulings to help users grasp the important issues. It is largely intended for practising and in-house accountants, however, others, such as employers, human resources personnel and individuals looking to migrate, may also find it useful.

Rizwana Saheed

November 2017

About the Author

	Rizwana Saheed, BCom (Hons), MTaxS, works as a CCH tax analyst and has over fifteen years of experience working in the tax field. Before joining CCH, she spent three years working with KPMG in the tax division. Prior to that, she spent two years with Gosling Chapman in a mixed business advisory services/tax role.
Rizwana has worked on CCHs Question and Answer Service and has contributed to a number of publications, including Foundations of New Zealand Taxation Law and Payroll A Practical Guide to New Zealand Payroll Administration. Rizwana was also part of the team behind CCH iKnow, writing and pulling together tax content for accountants and small businesses.

About the Reviewer

Roger Thompson LLB, BCom, CA is a director of Bentleys Chartered Accountants Ltd and was previously a director of Staples Rodway Ltd, Auckland. He is a solicitor of the High Court as well as a chartered accountant. Roger is a past member of the New Zealand Law Society Taxation Committee and the New Zealand Institute of Chartered Accountants Auckland Branch Tax Committee. Rogers areas of expertise include taxation issues associated with property-related activities, asset planning and protection, and a range of corporate and international tax issues.

Publishers Acknowledgments

We wish to thank the following who contributed to and supported this publication:

General Manager: Julie Benton

Head of Content: Andrew Campbell

Editor: Reshma Korah

Composition Editor: Barbara Hodgson

Indexer: Carol Linthwaite

Cover Designer: Envisage Design

Author Acknowledgments

It takes many hours of research, writing, reviewing and editing to put together any book from scratch. This book is no exception. I am grateful for the assistance of a number of people who helped me to immensely improve this book.

Special thanks to Roger Thompson for reviewing the book and providing thoughtful comments on its technical aspects.

I would also like to thank the dedicated and hard-working team at CCH. Thanks to Lee Treadaway, for her mentorship and insightful feedback throughout the whole process. Thanks also to Reshma Korah for editing the book and to Barbara Hodgson for putting together the numerous graphics and tables in the book. A book is simply not possible without a diligent and committed team.

Finally, thank you to my husband and children, for their unconditional love and support while writing this book.

This book is dedicated to my parents.

Overview of New Zealand tax issues

1.1 Introduction

The New Zealand tax system imposes taxation on the basis of the tax residence of a person and the source of the income that they earn. These two concepts are key in determining a persons income tax liability for a particular income year. Before a migrants New Zealand income tax liability can be worked out, the question of tax residence and source has to be determined.

In addition to the basic issues of residence and source, migrants may face a number of more complex tax issues. These include the tax treatment of foreign superannuation, trusts settled offshore, and foreign investments such as shares and rental properties.

This section of the book provides some general information on tax issues which are applicable to both inbound and outbound taxpayers. It will cover topics such as tax residence, sources of income, income tax rates, balance dates, trusts, superannuation and rental properties. The discussion in this chapter is broad and provides a setting to more detailed discussion in the remaining chapters of this book. The remainder of the book is divided into chapters that differ depending on the situation of the migrant (eg inbound, outbound or temporarily in New Zealand).

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