CA ANZ Core 4 Tax (NZ) Practice Questions - CA Program - Core 4 Tax (New Zealand) Exam

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A New Zealand tax resident earns interest from a bank account held in Australia. How is this income treated for New Zealand tax purposes?

It is exempt because the source is outside New Zealand It is taxable only if the funds are remitted to New Zealand It is taxable in New Zealand because residents are taxed on worldwide income, with a foreign tax credit available for Australian tax paid It is taxed at a flat 15% non-resident rate

Correct Answer:

It is taxable in New Zealand because residents are taxed on worldwide income, with a foreign tax credit available for Australian tax paid

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