FAQs
Other Sources of Income
If I Have Other Income Sources, Can I Apply for a Refund?
No, you cannot apply for a refund with other income sources, as you’ll be required to file an IR3. We can refer you on to our accounting services at which point we’ll charge a preparation fee.
What Happens If My Accountant has Already Assessed a Tax Year?
Then there’s no need to apply for a refund calculation for that tax year.
What is Classed as Other Income Sources?
Other sources of income include: income from rental properties; income earned overseas; trust or estate income; business income from self-employment; partnership or company and shareholder income.
What is Self-employment or Partnership Income?
If you’re self-employed or work in a partnership business, you earn income from sources other than a New Zealand wage or salary. Self-employment refers to a person who works for himself/herself instead of as an employee of another person or organisation. They operate as a sole trader or as part of a partnership. The individual sets up their own business in order to derive an income as opposed to being an employee and receiving a salary or wage.
Am I a Resident of New Zealand for Tax Purposes?
You’re a tax resident of New Zealand if you have a permanent place of abode in New Zealand and you’ve lived in New Zealand for 183 continuous days in any 12-month period.
Am I a Non-resident of New Zealand for Tax Purposes?
Only if you’re away from New Zealand for a total of 325 days in any 12-month period. Non-residence starts from the first day of absence.
What is Overseas Income?
Overseas income is any income earned outside New Zealand. Examples of this include: pensions, income from overseas investments, overseas rental income, and earnings from working abroad. If you earned overseas income during the applicable tax year you have income from sources other than a New Zealand wage or salary.
Please complete an Overseas Income form with our accounting services provider, FreshTax.
What is Rental Income?
If you receive income from a rental property this counts as income from sources other than a New Zealand wage or salary.
Please complete a Rental Properties form with our accounting services provider, FreshTax.
What is a Taxable Distribution?
A “taxable distribution” usually occurs as a result of:
- A share of partnership income.
- A share of trust income.
- An allocation of a shareholders salary from a company.
- Dividends declared by a company and passed to a shareholder.
What If I’ve Got a Question About Other Sources of Income That’s Not Covered Here?
Once you’ve created your account, just log on and ask a question by submitting a support request through the online support centre. This lets us track and respond to your requests through your account.