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10 November 2016

New Zealand issues new interpretation of tax residency rules for individuals

Inland Revenue has issued a new Interpretation Statement on tax residence. The new Interpretation Statement follows an exposure draft released by Inland Revenue earlier this year and updates and replaces Inland Revenue's previous Interpretation Statement on tax residence in light of a recent Court of Appeal (CIR v Diamond) decision. The new Interpretation Statement should provide welcome relief to individuals who are living overseas and who only own investment property in New Zealand that they have never lived in, and do not intend to live in in the future.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-1912

Document ID: 2016-1912

 

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