SearchFiling from Singapore
Nick asks:
(updated on Friday, May 03rd 2013)
I am a Kiwi living in Singapore and I am therefore a tax resident of Singapore. I am putting an offer in to purchase an investment property in New Zealand. The mortgage is with a New Zealand bank, the property will be slightly positively geared. How do I treat returns from a tax perspective? Do I need to be GST registered vs paying ordinary non-resident withholding (NRWT) tax? At what rates? Also, do I need to declare New Zealand income in Singapore?
Our Experts Answer:
You will need to file an IR3NR non-resident tax return here in New Zealand. In that return you are expected to declare the New Zealand derived rental income. If there is a profit tax will be payable. There should be no NRWT if the debt is local. A residential rental is an exempt activity for GST so nothing required there. You should take tax advice in Singapore with regards the filing requirements there.
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