IR Schedules Overseas income
If you received income from, or while you were overseas, between 1 April 2018 and 31 March 2019, show it at Box 17B in New Zealand dollars. This includes taxable income from withdrawals and transfers from foreign superannuation schemes while you were a non-resident of New Zealand. Transitional residents must include any foreign employment or service income at Box 17B.
You can convert all overseas income and tax credits to New Zealand dollars by:
using the rates tables on the Inland Revenue website (search keywords: overseas currencies)
contacting the overseas section of a trading bank and asking for the exchange rate for the day you received your overseas income.
Portable NZ Super and/or portable veteran's pension paid while residing overseas are tax exempt and won't need to be included on your return. For more information go to www.ird.govt.nz (search keywords: Veterans income).
Dividends received from overseas companies that are treated as FIFs (except companies covered by the exclusions listed under foreign rights at Question 36) are not taxable separately. Generally, you would use the default FIF income calculation method (the fair dividend rate), which doesn’t tax dividends separately.
The foreign tax deducted from the dividend may be claimed as a credit against the tax payable on the calculated FIF income for that company.
What to show on your return
After you’ve converted the amounts to New Zealand dollars, add up the available amounts of overseas tax paid and print the total in Box 17A. Add up the gross amounts of overseas income (before tax was deducted) and print the total in Box 17B.
Staple proof of any overseas tax paid to the top of page 3 of your return.
If a branch equivalent tax account (BETA) was maintained, complete a Branch equivalent tax account return (IR308) and attach it to your IR3 return.