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  1. #1
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    Oct 2014
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    Default Overseas shares - IRD's IR3

    Hi all

    I don't have $50k and this is just a curious post. It's that time of the year, I had a look at the IR3.

    I failed to locate a overseas shares section in the IR3. There is overseas income section but the help section says that seems to be income when you are overseas working.

    If I had $50k acquired cost of overseas shares. If I had overseas dividend does this get reported in the "dividend" of the IR3 the same as the NZ dividends? What about the FIF's FDR or CV methods - where in the IR3 does this go in?

    With the CV method. What is the definition of the opening and closing market value? Say a person had Facebook shares and just left it there for the full year. Is that the 1 April and the 31 March?


    Cheers.

  2. #2
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    All overseas income goes in the overseas box.

    FIF income is the lesser of 5% of the balance at the 31st Mar of the year before (ie 1st Apr of tax year you are calculating) or CV if less than 5% (using the same opening balance and closing balance). Any dividends paid are used in calculating both. Buying and selling during the year needs to considered as well.

  3. #3
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    Quote Originally Posted by 777 View Post
    All overseas income goes in the overseas box.

    FIF income is the lesser of 5% of the balance at the 31st Mar of the year before (ie 1st Apr of tax year you are calculating) or CV if less than 5% (using the same opening balance and closing balance). Any dividends paid are used in calculating both. Buying and selling during the year needs to considered as well.

    Ok. Thanks for that. Makes sense.

    So it's 31 March of the previous year and the current 31 March?

    I don't but let's say if I have less than $50k and I get dividends, this dividend still goes in the overseas section?

  4. #4
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    Quote Originally Posted by rayonline View Post
    Ok. Thanks for that. Makes sense.

    So it's 31 March of the previous year and the current 31 March?

    I don't but let's say if I have less than $50k and I get dividends, this dividend still goes in the overseas section?
    Yes on the March dates. For 2018 tax return the fif is calculated using the 31/3/17 value and 31/3/18 value.

    There is a good write up on it on the IRD site.



    Yes. If if less than $50,000 you just declare the dividends in NZ$ in the overseas income and claim any tax paid on those dividends as tax paid overseas.

  5. #5
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    Quote Originally Posted by 777 View Post
    Yes on the March dates. For 2018 tax return the fif is calculated using the 31/3/17 value and 31/3/18 value.

    There is a good write up on it on the IRD site.



    Yes. If if less than $50,000 you just declare the dividends in NZ$ in the overseas income and claim any tax paid on those dividends as tax paid overseas.
    Thanks for that
    I have the FIF guide printed out but maybe I missed the part about the March dates.

  6. #6
    Junior Member
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    Oct 2016
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    Default

    Hello - is it possible to post the link for those dates 31Mar17-31Mar18 as I can't see it..perhaps I'm having a moment?! Thanks!

  7. #7
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    NZ tax year is 1st April to 31st March. Nothing more complicated than that.

  8. #8
    Advanced Member
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    chch, , New Zealand.
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    Finished mine last week, always a mission as bits and pieces all over the place. Clicked the button with trepidation expecting I would be owing them money, but turned out they owed me, and it already in the bank account. Fairly impressive speed on their part.
    Am making an early vow to keep on top of it through the year this time round rather than just chucking all the bits of paper in a box

  9. #9
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    Wellington
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    I'm now doing my 2020 IR3 and IRD seem to stump me each year on the FIF return. I previously used the IRD tool to calculate the amount of FIF income so I know how much is due (and have uploaded this into the IR3 online return as overseas income) but on completing the FIF part of the IR3 online it seems this is not acceptable in that I've got to put all the information in again, either in another version of an online document or into an online excel spreadsheet.

    Has anyone else had this issue or am I going about it the wrong way?

  10. #10
    On the doghouse
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    Quote Originally Posted by kiwico View Post
    I'm now doing my 2020 IR3 and IRD seem to stump me each year on the FIF return. I previously used the IRD tool to calculate the amount of FIF income so I know how much is due (and have uploaded this into the IR3 online return as overseas income) but on completing the FIF part of the IR3 online it seems this is not acceptable in that I've got to put all the information in again, either in another version of an online document or into an online excel spreadsheet.

    Has anyone else had this issue or am I going about it the wrong way?
    The IRD's FIF on line calculator is just that. Nothing is saved for reference purposes by the IRD when you use it. I don't do my tax return on line so I don't know if there is any way to link the calculator to your own IR3 tax return. But I have never seen a 'button' to do it. So I suspect the answer is 'no'.

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