The cryptocurrency space is becoming increasingly mainstream. As at September 2021, CoinMarketCap values the global cryptocurrency market cap at USD 2.28Trillion. The eco-space is evolving at lightning pace and its decentralized nature is at odds with traditional tax notions of tax residence and source. The New Zealand Inland Revenue Department’s view is that cryptocurrency is… Continue reading Taxation of Cryptocurrency
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Taxation of land in New Zealand
It is well known that New Zealand does not have a capital gains tax regime. However, less well known are the various ways in which the sale of land can give rise to taxable income. These include: Land acquired with an intention of resale Land disposed of within the 5 or 10 year bright-line period… Continue reading Taxation of land in New Zealand
Overseas rental properties
Many new residents continue to own rental properties outside of New Zealand and incorrectly assume that there is no New Zealand tax filing obligation in relation to the property because they file taxes in the country where the property is located. This is a common misunderstanding. Once a new migrant is NZ tax resident and… Continue reading Overseas rental properties
Moving to New Zealand
A well-managed tax migration strategy can significantly reduce the tax costs to new migrants. Wherever possible, NZ migration tax planning should start before the first NZ Customs entry stamp in the passport. Many individuals will be, at least for a period of time, tax resident under both NZ and the home country’s domestic residency tests… Continue reading Moving to New Zealand