Other tax credits

1.Charitable of other public benefit gifts (s LD1 –LD3)

A taxpayer can claim a tax credit repayment for charitable gifts or other public benefit gifs paid during the income year. A gift of money must be $5 or more. The tax credit is equal to 33.33% of the total of the gifts. 

2. Tax credit for foreign income tax (s LJ): 

When a New Zealander derived overseas income and paid income tax in the other country which has a DTA with New Zealand, if the particular amount is taxable in New Zealand too, the tax credits will arise and the amount is equal to the lesser of the tax paid or the equivalent tax payable in New Zealand. Overseas tax paid must be converted to New Zealand dollars at the exchange rate applying at the time the tax was paid. 

3. Tax credit for multi-rate PIE’s and investors (s LS)

 4. Imputation credit:

Imputation credits can be given to tax payers when they received dividends. It is for the purpose of avoiding double taxation of company income.

The unused imputation credits can be carried forward to next year.