NZ SPS 16/04 shortfall penalty payment / losses

NZ SPS 16/04 shortfall penalty payment / losses

New measures come into effect from 1 November 2016 with respect to the ability of a New Zealand taxpayer to apply tax losses to a shortfall penalty imposed by the Inland Revenue Department. Standard Practice Statement SPS 16/04 enables a taxpayer to elect to utilize...

Tax Policy Work Underway in New Zealand

It is interesting to observe the Inland Revenue Department’s policy programme, which is currently focussing on three key areas:   1. Business transformation; 2. BEPS and international tax reform; and 3. further improvements and enhancements to tax and...

Foreign Tax Credit Availability for US citizens

In the wake of the changes to the way that foreign pensions (including 401-k’s and IRAs) are taxed in New Zealand the Inland Revenue Department (IRD) has recently refined its position with respect to foreign tax credit availability. The way that pension income...

US citizens and Kiwisaver

If you’re a US citizen, now is the hour to ensure that you are reporting your KiwiSaver funds correctly. Firstly, let’s define what a KiwiSaver fund actually is. A KiwiSaver fund is a voluntary retirement fund which may be set up by anyone including employees,...

Double taxation on pension income

Late in 2014, we commented on the IRD’s position on the availability of foreign tax credits for New Zealand tax residents, with respect to United States-sourced pensions. The current situation gives rise to double taxation with respect to pension income arising...
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