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  1. #1

    Default Tax filing for non-resident

    I am not living in NZ and I have a property investment in NZ. Anyone knows whether a non-resident has any tax filing obligation in NZ for property investment ?

    Thanks very much.

  2. #2
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,594

    Default

    Yes. Have to file NZ non resident tax return, and return NZ profit or loss on rental. If profit will have NZ tax to pay.

    Also have to return any NZ interest earned, and any other NZ income.

    Let me know if you need any help.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  3. #3

    Default

    Thanks very much. Regarding trading profit, do you mean Capital Gain Tax ? Is it only required when I sold the property in future ?

  4. #4
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,594

    Default

    I presume you are a long term hold investor? If your intention is long term hold, and you are not tainted by developers or traders, then you shouldn't have any tax on capital gains in NZ.

    The profit I referred to is rental profit. Ie rent less interest, rates, insurance, repairs etc.

    ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  5. #5

    Default

    I see, thanks very much, Rosco.

  6. #6
    Join Date
    Feb 2005
    Location
    Waikato
    Posts
    83

    Default Non resident tax returns

    Quote Originally Posted by jc013 View Post
    I am not living in NZ and I have a property investment in NZ. Anyone knows whether a non-resident has any tax filing obligation in NZ for property investment ?

    Thanks very much.
    you have to apply first for a Tax Number using form ir595.
    you should be able to download this from the ird website.
    once completed you can email it with various docs that are needed for proof of identity and proof of purchase of said property to [email protected]

    the tax form you will have to complete each year is the IR3NR.
    as a Non resident your net profits will be taxed at 15%.

    If you are earning NZ interest on any funds held in bank accounts in NZ, then I suggest you ask the bank/financial institution to apply the Approve Issuer levy of 2 % on the interest. otherwise they will deduct tax at the NRWT rate of 15%. this is fine if you are able to claim the tax deducted against your tax liability in your country of residence. If not the 2% is a better option.


 

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