# NZ Tax Question



## joshlang (Jun 6, 2020)

Any tax preparers out there? 

I'm a U.S. citizen residing in USA, but planning to become a permanent NZ resident in 2022. I opened a NZ bank account and have been transferring funds to this account for over a year (in anticipation of my move, and to take advantage of xlnt exchange rate).

The NZ govt gets 10% withholding on the interest in this account. What's the proper way to account for US and NZ taxes on this withholding? Do I need to file a NZ tax return?

I assume (1) the NZ govt keeps the 10%, (2) I report the income to US IRS and am taxed in US on NZ income -minus- the amount I paid to NZ govt.

Is that right?

(and if you know a good NZ/US expat tax prep person, let me know)


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## hsran (Sep 16, 2017)

joshlang said:


> Any tax preparers out there?
> 
> I'm a U.S. citizen residing in USA, but planning to become a permanent NZ resident in 2022. I opened a NZ bank account and have been transferring funds to this account for over a year (in anticipation of my move, and to take advantage of xlnt exchange rate).
> 
> ...


Sounds good as the inverse also follows that logic. 
I get Tax credit from IRD on tax paid in US.Here we have a seperate column to report foreign earnings and tax paid.


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