Overseas shares - IRD's FIF

[rayonline]

Just been looking into this. I have downloaded the IRD's FIF document. I went thru the questionnaire and meeting one of the criteria of less than $50,000 in attributing interests I don't need FIF but I may have other tax obligations.

1. So do I just do the normal IR3 for dividends, and what does one do with the tax that is deducted overseas? Is there is a IRD brochure to assist in this regard?

2. If I had more than $50,000 in attributing interests which means I need to do FIF. With their main method - FDR. It takes 5% of the opening market value. The first year the opening value you obtain it is zero out. So if you first obtain $100,000 and it goes up to $155,000. Is $55,000 taxed at 5%? So capital is taxed? The document mentions FDR income but what about dividend income?

3. FDR - Using their example it looks like the 5% is taken straight from the opening market value. What happens if the person's return is less than 5% but more than $50,000. I know there is the CV method which takes the closing market value and minus the opening market value.


Many thanks.