US Shares - Taxation

[Snoopy]

I am reading the thread as well as the links provided but still confused. Perhaps someone can provide answers or confirmation to below?
1. Trading futures does not fall under FIF.....

Generally futures are treated as a 'scheme of arrangement' for tax purposes and are taxed under 'scheme of arrangement' tax rules, not FIF.

....but will any gains subjected to income tax (overseas income) here in NZ i.e 33% for over 70k?

Yes all schemes of arrangements are subject to income tax on both the 'interest' portion of your return and the 'capital' portion of your return.

2. Investment returns from shares will be under FIF if over 50k of investment.

Investment returns from non-exempt Australian shares will be under FIF if the total purchase price of your entire overseas portfolio was over $50k. Note it is the purchase price in NZD that determines if the FIF regime is triggered or not. The current market price is not a factor.

How about if you are share trading and not holding long term positions? I assume it will not fall under FIF and just normal income tax as item 1?

Trading in non-exempt foreign shares does come under FIF, but there are special 'quick sale' provisions if you buy and sell within a year. See page 2 of this document.

https://home.kpmg/content/dam/kpmg/p...s-FIF-2015.pdf

SNOOPY