Go Back  British Expats > Living & Moving Abroad > New Zealand
Reload this Page >

Queries Relating To Commencing NZ Income Tax

Queries Relating To Commencing NZ Income Tax

Old Mar 22nd 2019, 3:34 am
  #1  
462
Just Joined
Thread Starter
 
Joined: Nov 2014
Location: Auckland
Posts: 29
462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute
Default Queries Relating To Commencing NZ Income Tax

I have not posted here for a few years, but regularly read the items which are always interesting.

We were UK pensioners in our early ‘70’s and came to NZ in 2015 to provide support for our previously emigrated daughter who was diagnosed with a brain tumour. That was three and a half years ago and our support is still needed, although the tumour was removed. We had originally thought that by now we would be back in the UK, but it looks as if that will not be the case for some time to come.

We are NZ tax resident and towards the end of this year our four year rwt period will end when we will then be liable for full IRD tax. My queries relate to this subject. We now receive NZ Super, courtesy of the UK/NZ arrangement and we each have UK private pensions which are paid into UK banks. Our house is also let and this is disclosed to the HMRC each year. I understand from reading here that any profit on rental will incur an NZ tax liability.

How does the tax process start and is it correct that the tax has to be paid quarterly?
If our liability starts in November, when would the first payment be due and is that in arrears or advance?
How is income converted to NZD calculated, even if that its only brought in from time to time?
At what point do NZ savings accounts tax levels change from the 10.5% rwt?

We are obviously not in the financial position of being able to engage a tax consultant, so good guidance would be much appreciated. Thanks in advance!

Last edited by 462; Mar 22nd 2019 at 3:42 am.
462 is offline  
Old Mar 23rd 2019, 5:42 pm
  #2  
BE Forum Addict
 
escapedtonz's Avatar
 
Joined: Jun 2012
Location: Te Puna, Tauranga
Posts: 1,315
escapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond reputeescapedtonz has a reputation beyond repute
Default Re: Queries Relating To Commencing NZ Income Tax

With reference to the final paragraph in your post below.........
You are in a financial position where professional advice from an authorized financial consultant who knows the ins and out of pensions and tax in both the UK and NZ is essential. You can't afford NOT to get that advice. Going along with "guidance" from members on a public form isn't the way to handle your finances in the short or long term.
Send a PM to Chc4me on here. He is an authorized financial adviser working out of a company in Christchurch and managed the transfer of our pensions from the UK in to an NZ superann fund and also manages our investment portfolio long term. His advice and guidance is highly recommended.
escapedtonz is offline  
Old Mar 26th 2019, 4:20 am
  #3  
462
Just Joined
Thread Starter
 
Joined: Nov 2014
Location: Auckland
Posts: 29
462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute
Default Re: Queries Relating To Commencing NZ Income Tax

Thanks for your advice. I did PM him a few days ago, but as yet have not had a reply. If he has not received the PM perhaps he could contact me?
462 is offline  
Old Mar 26th 2019, 9:22 pm
  #4  
BE Enthusiast
 
chc4me's Avatar
 
Joined: Jan 2011
Location: New Zealand
Posts: 425
chc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond repute
Default Re: Queries Relating To Commencing NZ Income Tax

Hi 462
Your questions are more tax focused than pension questions. I specialise in pensions and financial matters with a working knowledge of taxation.

For example I note you say you are declaring rental income of your UK property to HMRC, but as a NZ tax resident this is incorrect. I'd suggest you have actually overpaid tax.

You really need to seek advice from a suitable accountant that specialises in NZ and UK matters. Let me know if you need a couple of recommendations.

Warm regards
chc4me is offline  
Old Apr 2nd 2019, 1:45 am
  #5  
462
Just Joined
Thread Starter
 
Joined: Nov 2014
Location: Auckland
Posts: 29
462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute462 has a reputation beyond repute
Default Re: Queries Relating To Commencing NZ Income Tax

Thanks for your help. chc4me replied to my pm and gave useful advice. I have now contacted Mike Williams of TaxBridge and will be having a meeting with him in the near future.
462 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.