I am desperately looking for some advice - the IRD have succeeded in frightening me!!!
I have been told from the tax dept to fill out a questionnaire for which will determine whether I am a tax resident or not *i.e. whether I will have to submit my income overseas and have it taxed by the IRD! I own a home in New Zealand, which is rented out. We have a bank account and a life insurance policy on us both, as they were requirements by our bank for the mortgage. I will be working overseas for the next 5-10 years. We just want to rent out our house in NZ and keep it, because we may want to come back there someday (after these years away).
I don't want to have to pay NZ tax on my income that I earn overseas - especially since the tax rate is so high. I am merely a perm resident. My husband is a citizen and his parents and sisters still live in NZ. Is there anyway that I can have myself (and my husband) labeled as a tax non-resident whilst keeping my house in NZ? I have to keep the bank account and the life insurance in NZ and I have to send money home every month to cover the mortgage - the rent the tenants are paying does not come close to covering the mortgage.
Any help would be tremendously appreciated, expecially since the IRD are being incredibly grey in their definitions of an "enduring relationship" and their "weighting system".
a.h.
I have been told from the tax dept to fill out a questionnaire for which will determine whether I am a tax resident or not *i.e. whether I will have to submit my income overseas and have it taxed by the IRD! I own a home in New Zealand, which is rented out. We have a bank account and a life insurance policy on us both, as they were requirements by our bank for the mortgage. I will be working overseas for the next 5-10 years. We just want to rent out our house in NZ and keep it, because we may want to come back there someday (after these years away).
I don't want to have to pay NZ tax on my income that I earn overseas - especially since the tax rate is so high. I am merely a perm resident. My husband is a citizen and his parents and sisters still live in NZ. Is there anyway that I can have myself (and my husband) labeled as a tax non-resident whilst keeping my house in NZ? I have to keep the bank account and the life insurance in NZ and I have to send money home every month to cover the mortgage - the rent the tenants are paying does not come close to covering the mortgage.
Any help would be tremendously appreciated, expecially since the IRD are being incredibly grey in their definitions of an "enduring relationship" and their "weighting system".
a.h.
Comment