Portfolio Management Software

[GTM 3442]

By a happy circumstance, I had to sort out a "foreign" dividend payment, and there is provision for "foreign" witholding tax and NZ tax for the transaction.

So I'm wrong about the database design.

Now, like you, I'm left wondering why the NZ tax value isn't calculated.

[Airw0lf]

By a happy circumstance, I had to sort out a "foreign" dividend payment, and there is provision for "foreign" witholding tax and NZ tax for the transaction.

So I'm wrong about the database design.

Now, like you, I'm left wondering why the NZ tax value isn't calculated.

Yeah, there are boxes to enter both types of tax, I'm just curious as to why it isn't automatic.

[Airw0lf]

By a happy circumstance, I had to sort out a "foreign" dividend payment, and there is provision for "foreign" witholding tax and NZ tax for the transaction.

So I'm wrong about the database design.

Now, like you, I'm left wondering why the NZ tax value isn't calculated.

Just heard back from support - "Thanks for reaching out to us and sorry for the delayed response. At the moment we do not have the functionality to identify if the foreign shares were purchased via a custodial arrangement or purchased directly, hence RWT field is left blank. For now, you might need to update these data manually. Hover, we are working automating this process."

Does this make sense to you or anyone else?

[JeffW]

Just heard back from support - "Thanks for reaching out to us and sorry for the delayed response. At the moment we do not have the functionality to identify if the foreign shares were purchased via a custodial arrangement or purchased directly, hence RWT field is left blank. For now, you might need to update these data manually. Hover, we are working automating this process."

Does this make sense to you or anyone else?

Happy to admit that it doesn't make sense to me!

However, I think for many it is largely academic, as the FDR rules will apply, and the actual dividend is not taxed

[Airw0lf]

Happy to admit that it doesn't make sense to me!However, I think for many it is largely academic, as the FDR rules will apply, and the actual dividend is not taxed

They also got back to me again and said they are looking into automating for people like me on Sharesies who have the RWT deducted.

[GTM 3442]

Just heard back from support - "Thanks for reaching out to us and sorry for the delayed response. At the moment we do not have the functionality to identify if the foreign shares were purchased via a custodial arrangement or purchased directly, hence RWT field is left blank. For now, you might need to update these data manually. Hover, we are working automating this process."

Does this make sense to you or anyone else?

Yeah, it sort of makes sense.

Once you start moving money around the world it can get complicated as to which parts of the ownership chain have what tax liabilities where.

A US dividend ETF domiciled in Ireland held in custody in Luxembourg by a New Zealand tax resident.

What tax and/or tax credits are available/payable on the dividends received by the ETF
What tax and/or tax credits are available/payable on the dividends paid by the ETF
What tax and/or tax credits are available/payable on the dividends received by the custodian
What tax and/or tax credits are available/payable on the dividends received by the NZ tax resident

And the chain isn't always that simple. . .