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If you are receiving foreign income which is also taxed in another country, you may be entitled to tax credit for the tax you already paid. The available tax credit is limited to the lesser of the tax:

  • Payable in New Zealand on the overseas income, or
  • Paid offshore.

If you are tax resident in New Zealand and in another country that means you are subject to tax law of both the countries.

If both countries are taxing their residents on worldwide income then you will be charged tax twice on same income. Double tax agreements (DTAs) have been negotiated between New Zealand and many other countries to decide which country has the first or sole right to tax specific types of income. Section BH 1 of ITA 2007 explains DTAs.


Disclaimer: The following answer necessarily sets out general principles only. The facts of particular cases always need to be considered carefully, and it may be necessary to obtain advice from a tax expert.


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