All Topics / Help Needed! / NZ & Aus Tax

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Scotty BScotty B
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    @scotty-b
    Join Date: 2004
    Post Count: 44
    October 15, 2004 - 2:13 am

    Hi

    As I understand it NZ and Aus have a Tax agreementment meaning that if you own properties in both countries you only have to submit one tax return (either Aus or NZ), is this correct or do you have to submit two?

    Cheers

    Scott

    I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database

    Profile photo of FlyHighFlyHigh
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    @flyhigh
    Join Date: 2004
    Post Count: 24
    October 15, 2004 - 2:20 am

    You will need to submit 2, 1 for your NZ properies in NZ and 1 for your Australian income and NZ properties in Australia.

    Tax agreements between the 2 countries means you get a credit for tax paid in NZ for your Australian tax return.

    FlyHigh [cap]

    Profile photo of Scotty BScotty B
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    @scotty-b
    Join Date: 2004
    Post Count: 44
    October 15, 2004 - 2:37 am

    Hi

    So I assume because your property manager doesn’t deduct tax you’ll get a letter from the NZ Tax Dept telling you how much you owe them at the end of the year.

    Again I assume NZ and Aus have the same tax year?

    So Aus investors must submit the tax return for NZ first declaring the NZ income. Then on receipt of the tax payment request submit the Aus tax return?

    Is that how it works?

    I’m a little confused [blush2]

    I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database

    Profile photo of PropertyGuruPropertyGuru
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    @propertyguru
    Join Date: 2003
    Post Count: 1,502
    October 15, 2004 - 2:42 am

    I am not sure how all this works as I started investing in NZ in april. But I know NZ tax year is april to March.

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]

    NZ loans and pre approval from 7.99%

    Profile photo of FlyHighFlyHigh
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    @flyhigh
    Join Date: 2004
    Post Count: 24
    October 15, 2004 - 2:55 am

    Scotty B

    NZ tax year is April 1 to March 30

    NZ tax department will not send you a letter as it is a self assessment system like Australia.

    So basically after April 1 each year you submit a NZ tax return and pay/receive whats owed/owing. Then in Australia after June 30 you do the same except you also add your NZ income and claim a credit for the tax you already paid (or were liable to pay) in NZ.

    Hope this makes sense, more details you’ll need to look at the respective websites

    FlyHigh [cap]

    Profile photo of Scotty BScotty B
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    @scotty-b
    Join Date: 2004
    Post Count: 44
    October 15, 2004 - 3:03 am

    Thank FlyHigh.

    I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database

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