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The implications of proposed tax law amendments for 2017 – published this week by the National Treasury – have confused and concerned many South Africans working abroad. Jerry Botha, Managing Partner of Tax Consulting, has kindly answered several queries sent to SAPeople: 1. SAPeople follower: Is it true that SARS is in the process of adjusting [.]
The International Monetary Fund has criticized New Zealand’s “discriminatory” ban on home sales to foreigners, saying it’s unlikely to improve housing affordability. “Foreign buyers seem to have..
Tax on investments and savings. You pay tax on income from all your savings and investments, whether they’re in NZ or overseas. Your tax rate is based on your income. All NZ citizens and residents pay either Resident Withholding Tax (RWT) or tax at the Prescribed Investor Rate (PIR) on income from savings and investments in New Zealand.
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Let’s take a look at how you can invest in Australian property as a non-resident. Unlike some other countries that place few or no restrictions on foreign. Australian or New Zealand citizen Hold an.
Find information on taxation of foreign investments. Learn how the foreign tax credit enables you to deduct most of the tax you’ve paid abroad.
In today’s world, information is readily available and the IRD is actively sourcing information on New zealand tax residents. If you have any investments or interests overseas, you should talk to your tax adviser to determine if you should be returning it (or in some cases just disclosing it.)
If you have paid tax on any of this income in another country, you can claim a foreign income tax offset in Australia. As an Australian resident you are taxed on your worldwide income, including your income from offshore bank accounts, interests in foreign entities, rent from overseas properties and selling overseas assets.
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If you are deemed to be a New Zealand tax resident then you are taxed on your total worldwide income, including both income sourced in New Zealand and in all other countries. Those who are not deemed New Zealand tax residents only pay New Zealand tax on income originating from New Zealand, for example income gained from an investment or rental.