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...
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,...
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...
IRD has released an exposure draft seeking comments on whether state income tax paid in the United States qualifies as a foreign tax credit in the New Zealand tax return. The deadline for comment is 10 October 2012. The issue affects New Zealand tax residents...
In a much-anticipated move, the Policy Advice Division of Inland Revenue and the New Zealand Treasury released an Officials’ issues paper last week on the Taxation of Foreign Superannuation. We welcome the release of the paper, which signals some fundamental...
