International tax issues that may apply to you

Things to think about as the end of the tax year approaches:

• If you spend more than 183 days in New Zealand in a 12 month period OR have enduring ties with NZ you will be a tax resident in NZ (even if you live outside NZ).
• If you are a migrant, or returning New Zealander, you may have qualified for a 4 year exemption on foreign income. Be aware when this deadline expires so that you properly deal with all foreign income.
• Overseas pensions may be taxable in New Zealand.
• Foreign income needs to be declared and possibly taxed in New Zealand even if the money never comes to New Zealand and even if withholding tax has been deducted in the foreign country.
• Certain payments that are tax free in the country in which they are made are taxable here and this will impact on you if you are a New Zealand tax resident.
• If you are not a New Zealand tax resident, NZ tax will still apply to income relating to New Zealand.
• Double tax treaties exist to prevent people being taxed twice.

For more details please visit: http://www.andersen.co.nz/1/post/2013/02/international-tax-issues-that-may-apply-to-you.html