- April 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning to Relocate to New Zealand from Australia
I am currently working for my own Hong Kong company, where I also hold a Director position. The income I receive is in the form of dividends from the foreign company. This unique employment situation raises questions about how my income will be treated for tax purposes in New Zealand.
## Qualification for Exemption of Income
One key consideration is whether my income will qualify as exempt for the first four years after migrating to New Zealand. Given the complexities of my employment arrangement, it is unclear whether I will be eligible for this exemption.
## Confusion Over Tax Treatment
The situation becomes even more confusing when conflicting information is presented. On one side, it is stated that foreign dividends are exempt from income tax. However, it is also mentioned that work performed while in New Zealand is not exempt. This contradictory information leaves me unsure about how my income will be taxed in New Zealand.
## How AI Legalese Decoder Can Help
In this complex legal and tax scenario, using the AI Legalese Decoder can be immensely helpful. The Decoder can analyze the relevant laws and regulations to provide a clear interpretation of how my income will be treated in New Zealand. By utilizing the Decoder, I can gain a better understanding of my tax obligations and plan my relocation accordingly.
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Generally passive income is exempt, a dividend is paid to a shareholder. The fact you’re also a director is irrelevant. Directors fees would not be exempt as that work is performed in New Zealand. That being said you may want to consider paying yourself a defensible directors salary as well to avoid any ambiguity here, and pay the tax on that. It could be just $3k a month or whatever.
I’m in the similar situation and this is a very generous policy by NZ
>On one side of the page, it says foreign dividends are exempt from income tax, and then after it says work performed while in New Zealand is not exempt, then which one is it?
Dividends are exempt from tax for transitional tax residents.
If you pay yourself a salary it would be due income tax if the duties were performed in NZ.