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FIF Exemption List - NZ tax payers
Recently I thought I heard something on the RNZ business clip that the FIF exemption list will be expanded to cover all listed Australian shares and not just those within the All Ords (generally).
I've been hunting around, but can't locate anything more about this. Just starting to set up my tax tracking for 2017/18 year, so it would be good to know.
Anyone able to clarify this (or point me to another ST thread if I've missed it)? TIA
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This old article does refer to what seems to be going to happen
http://www.stuff.co.nz/southland-tim...-we-re-the-IRD
I can't see any changes on the IRD site. It will be interesting to see if they produce an IR871 list this year.
Last edited by 777; 02-04-2017 at 10:01 AM.
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Member
I hope that includes the ETF's as well. I always thought it was ridiculous that an ETF made up of Australian shares like VAS or IOZ is not FIF exempt.
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Thanks for that 777. Good to know I wasn't just dreaming it! But, yes, disappointing that the IRD hasn't put anything on its web-site in advance of the tax year, so we could ensure we kept the correct records!
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Thanks for raising this, Lizard. And welcome back to the forum!
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If it's not on IRD website, I openly wonder if it's "Fake News"
Disc: would sure make my record keeping a lot simpler if it's true !
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Thanks for starting this thread Lizard. First time ever doing taxes early this year (due to upcoming family pressures with wife's ECE course).
I did a bit of sleuthing around online...quite a mystery! Searching in the "Income Tax Act 2007" shows no change. But I found reference to the legislation in question in a Deloittes memo - the elegantly named: "Taxation (Transformation: First Phase Simplification and Other Measures) Bill", which dates from mid-2015 and covers a raft of tax issues. Drilling down, here's the relevant section of the subsequent Act: http://www.legislation.govt.nz/act/p...LM6516047.html
The upshot is YES the all ASX listed companies will be exempt - BUT not until the 2017-18 tax year.
Last edited by DarkHorse; 25-04-2017 at 10:44 AM.
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Thanks DarkHorse - good to have that confirmation!
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Member
So, I presume that means that all ASX listed ETFs will also be exempt from FIF, which is good news. Australian LICs (investment trusts) are already exempt. Does that mean that NZX listed investment trusts (e.g. JMO) are subject to FIF, but those on the ASX are not?
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Member
Just had another look ....there is still a need that the ASX company maintains a franking account so the ASX ETFs may not be exempt after all :-(
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