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Do I have to file tax returns if I live overseas?

April 30th, 2014 | Posted by Accountants Auckland in Accountant in Auckland | Chartered Accountant Auckland | Chartered Accountants Auckland | Taxation

17319360_s jetWhen you’re heading off to live overseas the last thing you want to think about is your New Zealand tax return.  That’s all fine and dandy so long as you never plan on returning to the land of rugby, pies and beer.

  1. At the very least, you’ll generally need to file non-resident tax returns in New Zealand while you’re overseas. They might not include very much (perhaps a little bit of interest from your NZ bank accounts) but you still need to file a return to keep things sweet with the Inland Revenue Department.
  2. At worst, you’ll continue filing normal tax returns which include every bit of your income from absolutely everywhere – it’s called your worldwide income.

Understandabley the NZ government is pretty keen on the second option and rightly so as they’re the ones who paid for your plunket nurse, early dental care and schooling.  So how do you know which return to file?  The legislation is quite complex but the flowchart, shown below, will give you a pretty good idea of what the IRD investigators will check when assessing your legal obligations.

If it’s too much to get your head around, book a consulting session with one of our expert chartered accountants.   …… it’s far cheaper than the cost of getting it wrong!

flowchart

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