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Thread: Selling a house oversea, what is tax obligation here in NZ

  1. #1
    Join Date
    Oct 2019
    Location
    New Zealand
    Posts
    46

    Default Selling a house oversea, what is tax obligation here in NZ

    Hello,

    I'm selling my house in Thailand and I have to pay income tax there. I found that Thailand has a double tax agreement with NZ but I cannot understand most of the legalised words. So, can anyone explain me in simplicity, like:
    1. Do I have to declare my sale? (I want to bring money into NZ)
    2. Do I have to pay tax again in NZ?
    3. Can I claim the tax that I paid in my country from NZ?


    The house was bought around 9 years ago and I lived in there for 7+ years before moving here.

  2. #2
    Join Date
    Jan 2007
    Location
    Chch, NZ
    Posts
    2,225

    Default

    https://www.ird.govt.nz/property/buy...rseas-property

    This might be a grey area in that IRD may not credit you any of the tax you paid in Thailand. The key distinction is were you a NZ tax resident prior to selling the house? If not, then IRD would just view you as a resident in Thailand and therefore would not be required to declare any sale in NZ ; you would just pay the tax in Thailand as any person resident in Thailand. If you became a NZ tax resident and selling the house after, then you may be able to claim a portion of the tax you paid in Thailand in NZ.

  3. #3
    Join Date
    Oct 2019
    Location
    New Zealand
    Posts
    46

    Default

    Thank you Super_BQ.

    I'm a tax resident of NZ for 2 years now and the house is still selling at the moment. So I may try my luck claiming the tax credit when it is sold.

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