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The New Zealand Government has recently introduced legislation to provide a temporary tax exemption for new migrants to New Zealand. The exemption is for certain types of overseas income and is designed to make it cheaper for businesses to recruit staff from overseas. The exemption applies to individuals only and is limited to people who have not been a tax resident here for the last 10 years.
The Exemption
The exemption is for 49 months from the first day of the month a migrant qualifies as a tax resident in New Zealand.
The exemption is automatic and will allow people to be exempt from tax on some types of foreign income.
This legislation encourages people to consider New Zealand as a viable and competitive place to live and work if they are looking to move to a new country.
We would like to encourage you to tell people about this exemption when they are making enquiries about moving to New Zealand.
More information is available on the web site:
http://www.ird.govt.nz/yoursituation-nonres/move-nz/temp-tax-empt-foreign-inc.html
Inland Revenue Department will ensure that the information on this site is kept up to date if there are any changes in the legislation.
What do migrants need to do?
Nothing - the exemption is granted automatically so there is no need for migrants to do anything to receive the exemption provided they meet the criteria which is available on the web site.
If a person wants any other type of tax credit, such as Family Assistance, they will be required to declare their world wide income on a tax return at the end of the financial year.
Inland Revenue requests Embassies/High Commissions/Consulates inform the relevant authorities in their country of this temporary tax exemption for new migrants to New Zealand.
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