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NZ tax liabilities!!

NZ tax liabilities!!

Old Mar 4th 2008, 4:41 am
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Default NZ tax liabilities!!

I really did not know that I had to pay NZ tax on my little bit of UK money I have. I have just discovered that I owe tax on what I earned in interest 183 days after I arrived in the country..thats when I became what is known as a 'tax resident'. Alas I will now have to pay back tax and a penalty for late paying.

Why doesn't NZIS have some kinda hook up with the IRD so that things are clearer?? Whilst I accept full responsibility for my ignorance and mistake I believe if things were pointed out, say in BIG LETTERS!!!!.... to newbies these mistake would not occur.

Ho-hum. Had I arrived after April 2006 (rather than April 2005), I would have had a period of grace, free from this taxation!!! Bugger!

Please check how long that period is for.

So be warned, if you arrived afore April 2006 and you have any kind of other overseas income, overseas interest taxed or not or overseas dividends
you need to consider your NZtax liability.

One assumes that any rental owned on a UK property would be classed as income. Makes you want to spit does it not?
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Old Mar 4th 2008, 6:36 am
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Default Re: NZ tax liabilities!!

How would they find out?
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Old Mar 4th 2008, 6:42 am
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Default Re: NZ tax liabilities!!

Originally Posted by Genesis View Post
One assumes that any rental owned on a UK property would be classed as income. Makes you want to spit does it not?
Why, are you too good to pay tax??
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Old Mar 4th 2008, 6:52 am
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Default Re: NZ tax liabilities!!

Originally Posted by southerner View Post
Why, are you too good to pay tax??
Indeed a very good question..however when in Rome and all that. I do believe as an immigrant that one has a responsibility to tow the line. We all moan about people from foreign parts not doing this and not doing that when in the UK....I chose to live here and really believe that it is the right thing to be upfront about your liabilities and responsibilities.

Plus I have a guilty conscience and would really worry if I was not honest that one day it would come back and bite my arse!!!!!

All sounds a bit cheesy I know but I am a grade A worrier and like to do fings proper like.
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Old Mar 4th 2008, 6:56 am
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Default Re: NZ tax liabilities!!

Originally Posted by southerner View Post
Why, are you too good to pay tax??
If they (the govt) spent it wisely one may not feel such a desire to spit.

In any case I did not think monies 12500 miles away would have anything to do with the IRD..they do and I have to pay up and lump it..does not mean I have to like it.
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Old Mar 4th 2008, 7:37 am
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Default Re: NZ tax liabilities!!

Originally Posted by Genesis View Post
I chose to live here and really believe that it is the right thing to be upfront about your liabilities and responsibilities.
Yep, me too. When I registerd for my IRD number, there was a question on the bottom about having foreign income. - I ticked "Yes". Being freelance, I'll have an accountant helping with my tax so hopefully I'll be able to avoid late payment grief. Having said all that...

Originally Posted by Genesis View Post
I did not think monies 12500 miles away would have anything to do with the IRD..they do and I have to pay up and lump it..does not mean I have to like it.
My sentiments exactly. It's going to annoy me as long as I'm here.
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