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Overseas Investments & Income

July 25, 2016

We come across quite regularly clients that are New Zealand tax residents have not informed us that they have overseas investments or a foreign financial interest.

A common misconception is that overseas investments & income do not need to be included in New Zealand tax returns. As well as your NZ income, all New Zealand tax residents must also declare their worldwide income.

The overseas investments & income includes a wide range, the ones we see most often would be foreign superannuation, foreign insurance policies, and foreign shares.

The Inland Revenue have extensive powers to obtain financial information from overseas countries and have been very active in this area recently. They have even produced an IR995 Overseas Income Questionnaire to help identify overseas income you need to declare. Please click on this IR995 Overseas Income Questionnaire link to see what details IRD are looking for.

Whether you are a migrant or returning New Zealander you need consider your foreign financial interest for New Zealand tax purposes.

If you have any questions about overseas income, or wish to discuss your personal circumstances, please contact me either by email Michael.cheng@chestergrey.co.nz or phone me (09) 277 8278

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