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Originally Posted by Deev8
So it is!
Of course that means that we still don't know what the appropriate disclosure form is.
My understanding is they haven't released the form yet. Expect an announcement shortly and a form within the month.
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Originally Posted by Deev8
But the issue is how to complete question 38 on the IR3?
Easy, Tick "yes" , and write NIL on 38A !
That was what I effectively did for my company, I had overpaid my provisional tax, and was due a refund as soon as I put my tax return in.
Or does IRD expect everyone to delay putting in their tax returns untill they come up with an appropriate disclosure form ?
For a tax that was effective since 01/04/07 it is a pretty poor effort by IRD.
PS: My company also receives non FDR foreign dividends (on which it has to make quarterly returns, and payments of Foreign Dividend Withholding Payments) Has the IRD updated their forms for the June quarter to reflect the reduced company tax rate of 30% ? Nope !
Last edited by kura; 26-05-2008 at 11:33 AM.
Reason: Addes PS
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Originally Posted by kura
Easy, Tick "yes" , and write NIL on 38A !
That was what I effectively did for my company, I had overpaid my provisional tax, and was due a refund as soon as I put my tax return in.
Or does IRD expect everyone to delay putting in their tax returns untill they come up with an appropriate disclosure form ?
For a tax that was effective since 01/04/07 it is a pretty poor effort by IRD.
PS: My company also receives non FDR foreign dividends (on which it has to make quarterly returns, and payments of Foreign Dividend Withholding Payments) Has the IRD updated their forms for the June quarter to reflect the reduced company tax rate of 30% ? Nope !
It's a never-ending battle, isn't it Kura?!
Death will be reality, Life is just an illusion.
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A link that maybe of use for FDR exempted shares.
http://www.sharesight.co.nz/tools/
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Originally Posted by CJ
My understanding is they haven't released the form yet. Expect an announcement shortly and a form within the month.
What a nightmare! I rang IRD a few days ago (had to hold on, for ages) only to be eventually told that these forms "are not yet available" and to check again in a few weeks time! Just not good enough.
So, I did my own "forms", as we are leaving for overseas shortly and I can't wait around. And, by using the "Comparative Value" method I discovered I had made an overall net loss on these investments for the year (not surprising) and I then carried "Nil" (you can't claim a net loss) forward to my calculation of other Overseas Income (the exempt stuff , i.e. that still attracts tax on the dividends received). I wrote as full an explanation as possible on the IR3 form.
It took me the best part of a couple of days to prepare my return and my wife's. Am thinking of billing out my time to Michael Cullen.
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And you a required to file by July 7th!
You would think a simple disclosure form could be designed by a high school student and posted on the website in about 30 minutes. Why it takes the infernal revenue department so long needs investigating.
I am sending my returns in this week and no disclosures attached. Stuff them. We are all criminals in their eyes anyway. Why disappoint them.
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Member
Originally Posted by COLIN
(you can't claim a net loss)
Might pay to check this. I do know that FIF losses carried forward from earlier years can now be offset against ordinary income - the FIF ringfencing rules were repealed with the introduction of the new scheme. I have been sitting on a fat loss for years that I've finally been able to claim - not everything the good Dr does is bad.
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Originally Posted by Bobby_Fischer
Might pay to check this. I do know that FIF losses carried forward from earlier years can now be offset against ordinary income - the FIF ringfencing rules were repealed with the introduction of the new scheme. I have been sitting on a fat loss for years that I've finally been able to claim - not everything the good Dr does is bad.
Bobby, I had 'heard' the same but haven't been able to track down the transitional FIF rules in writing. Do you have a reference?
TIA
Snoopy (also sitting on an old FIF scheme loss)
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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Member
Snoopy, I'm relying on the write-up on the new legislation in April 2007 TIB (http://www.ird.govt.nz/resources/fil...-vol19-no3.pdf), specifically these paragraphs on page 40:
Removal of foreign investment fund loss
ring-fencing rules (sections Dn 5, Dn 8,
ie 4 and iG 5)
The previous ring-fencing rules in section DN 8 for
foreign investment fund losses (other than foreign
investment fund losses calculated under the branch
equivalent method) have been repealed.
If a taxpayer has a ring-fenced foreign investment fund
loss from the 006–07 or an earlier income year that has
previously not been used, it will become deductible in
2007–08 as foreign investment fund losses are no longer
ring-fenced (other than those arising under the branch
equivalent method).
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For the record, IRD accepted my tax return as self-assessed with attached copy of my spreadsheet and covering letter.
I modified the front "summary" sheet from earlier versions to match the data boxes on the tax return which makes more sense.
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