Individual income tax return guide 2011 - Inland Revenue Department

www.ird.govt.nz
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Unused overseas tax credits
Generally, these are forfeited (lost).
Carrying forward any excess or unused overseas
tax credits?
You can’t carry forward unused overseas credits where you have used the
FDR, comparative value (CV), deemed rate of return or cost methods to
calculate FIF income or loss.
New Zealand tax credits (imputation or RWT) deducted
from overseas dividends
You can claim New Zealand tax credits on overseas dividends as follows:
If the credits are RWT, they are used to offset tax payable with any
excess refundable.
If they’re imputation credits, they are used to reduce tax payable
with any excess carried forward to the next year.
The full amount of these New Zealand tax credits can be entered in the
return even where the FIF income is reduced to zero or there is an FIF
loss.
These credits will only be attached to Australian company or unit
trust dividends.
If you’ve shown a tax credit and there is no income in the associated
panel, you’ll need to include a note in your return setting out the details.
Temporary tax exemption from foreign income
If you’re currently claiming the four-year temporary tax (transitional
resident) exemption from certain types of foreign-sourced income,
you don’t need to declare this income in Box 17B, unless it’s foreign
employment or services income. When your tax exemption expires, you
must include all your worldwide income when you file your income tax
return.
Go to www.ird.govt.nz for further information about the
temporary tax exemption qualifying criteria and types of exempt foreignsourced
income.