Temporary Tax Exemption
#1
Just Joined
Thread Starter
Joined: May 2007
Location: Mid Wales
Posts: 23
Temporary Tax Exemption
Can someone fill me in on the pros & cons of qualifying for the above.
#2
Banned
Joined: Jul 2007
Posts: 307
Re: Temporary Tax Exemption
A tax exemption in NZ?
Are you serious you can get them? News to me but if true then spill the beans sure we would like to hear that one.
Are you serious you can get them? News to me but if true then spill the beans sure we would like to hear that one.
#3
Re: Temporary Tax Exemption
Its all listed on www.ird.govt.nz and as far as I can remember has something to do with tax exemption or relief on your uk earnings for a while after coming to NZ on a temporary or visitors visa. Details are all listed on the site.
#4
Re: Temporary Tax Exemption
Its valid for four years after entry to NZ you need to work out whats best for yourself.If you are still earning money from the uk If you chose to take it you will not be able to claim family credit here.
#5
Just Joined
Thread Starter
Joined: May 2007
Location: Mid Wales
Posts: 23
Re: Temporary Tax Exemption
So basically if youre not going to be earning anything outside of your job in NZ then its not worth going for it as it stops you receiving working tax credits.
#6
Re: Temporary Tax Exemption
It's purpose is to act as a migrant/reutrning kiwi incentive, ie rental and most investment income from overseas (outside NZ) is tax free for 4 years. To some, it would be worth leaving funds behind/outside of NZ for this advantage.
But I had no idea it affected family credit or whatever was referred to in a previous post. I thought all these benefits/tax credits were means (ie income) tested and so is it just assumed one is 'rich' if one takes advantage of this tax exemption. Ridiculous if that is the case.
Last edited by uk+kiwi; Aug 20th 2007 at 8:08 pm.
#7
Re: Temporary Tax Exemption
Yes, it is a tax exemption for overseas income.
It's purpose is to act as a migrant/reutrning kiwi incentive, ie rental and most investment income from overseas (outside NZ) is tax free for 4 years. To some, it would be worth leaving funds behind/outside of NZ for this advantage.
But I had no idea it affected family credit or whatever was referred to in a previous post. I thought all these benefits/tax credits were means (ie income) tested and so is it just assumed one is 'rich' if one takes advantage of this tax exemption. Ridiculous if that is the case.
It's purpose is to act as a migrant/reutrning kiwi incentive, ie rental and most investment income from overseas (outside NZ) is tax free for 4 years. To some, it would be worth leaving funds behind/outside of NZ for this advantage.
But I had no idea it affected family credit or whatever was referred to in a previous post. I thought all these benefits/tax credits were means (ie income) tested and so is it just assumed one is 'rich' if one takes advantage of this tax exemption. Ridiculous if that is the case.
Try this lot
http://www.ird.govt.nz/technical-tax...-migrants.html
#8
Re: Temporary Tax Exemption
I find it bizarre that a "transitional (tax) resident" could apply for PR & then citizenship. Seems odd, if you know what I mean.
BUT it also made me think, if one was defined as a transitional resident for tax purposes in NZ, and returned to the UK within/upon this 4 year exemption period, would they then satisfy the UK habitual residency requirements for UK University education? Anyone know? Just wondering hypothetically, my children are a long way off university! Or am I confusing tax residency with physical residency which possibly negates the above possible scenario? That sounds too simple for tax/residency rules.
Far too complicated stuff for my brain at the moment.
Last edited by uk+kiwi; Aug 20th 2007 at 9:28 pm.