If you have moved to New Zealand from another country you should be aware of the concession IRD put in place whereby taxpayers who transferred their foreign superannuation interests to New Zealand and did not address the taxation implications were given the opportunity to include 15% of the amount transferred in their 2014 or 2015 Tax Returns.
If the sum was correctly included in either Tax Return no further action would result.
Inland Revenue has now begun to send audit letters to people who have not returned foreign superannuation income under the concession but Inland Revenue has information that a transfer was made.
They said they would – and they are!
As Inland Revenue is now sending Audit notification letters penalties can apply so if you have foreign pension income you need to talk to us so we can ensure you are declaring the income correctly for taxation purposes in New Zealand.